Dr Isin joined the Business School in 2018. Previously he was an Associate Lecturer in Department of Economics and Related Studies at University of York, where he thought courses on Advanced Corporate Finance and Derivatives Pricin and Capital Markets at undergraduate and postgraduate levels. Preceding that, he was an Associate Research Fellow at Tax Administration Research Centre at University of Exeter. He holds a master’s degree in Finance and Investments and PhD in Finance both from University of Exeter.
Qualifications
Ph.D. MSc - Finance
Research interests
- Corporate Finance
- Exchange Traded Funds and Passive Investing
- Empirical Contract Design
- Corporate Financial Reporting
Key publications | Publications by category | Publications by year
Publications by category
Journal articles
Isin AA (2018). Tax avoidance and cost of debt: the case for loan-specific risk mitigation and public debt financing.
Journal of Corporate Finance,
49, 344-378.
Abstract:
Tax avoidance and cost of debt: the case for loan-specific risk mitigation and public debt financing
Examining the syndicate loans market for publicly traded U.S. firms I show that tax avoidance is positively related to loan spreads. Importantly, however, tax-specific premiums disappear for loans with large number of co-leads, which facilitate credit risk diversification, for loans with performance pricing provisions, which facilitate borrower-lender incentive alignment, and for borrowers with CDS contracts, which facilitate credit risk transfer. Moreover, non-bank institutional investors demand higher risk premiums to compensate for their high-risk investment strategies that also account for tax-specific risks and do not have particular focus on tax-specific risk taking. Finally, I show that simultaneous access to private and public debt financing, which reflects greater firm-level financial flexibility and fewer hold-up problems, largely mitigates agency risks associated with all forms of tax avoidance. These syndicate-level risk-mitigating measures work jointly well and are more effective, ex-ante, at moderating tax-specific risks in comparison to maintenance-based covenant structures alone. These results help identify channels through which firms can mitigate non-tax costs associated with tax avoidance and, hence, effectively pursue strategies that persistently reduce their corporate tax liabilities without incurring material agency costs.
Abstract.
DOI.
Publications by year
2023
Isin AA, Jacob M, McMeeking K, Tharyan R (2023). Market's Pricing and Risk-Return Trade-Offs Associated with Covenant-Lite Issues.
DOI.
2021
Isin AA, Tharyan R (2021). Covenant-lite Deals and Financial Reporting Quality.
DOI.
2018
Isin AA (2018). Tax avoidance and cost of debt: the case for loan-specific risk mitigation and public debt financing.
Journal of Corporate Finance,
49, 344-378.
Abstract:
Tax avoidance and cost of debt: the case for loan-specific risk mitigation and public debt financing
Examining the syndicate loans market for publicly traded U.S. firms I show that tax avoidance is positively related to loan spreads. Importantly, however, tax-specific premiums disappear for loans with large number of co-leads, which facilitate credit risk diversification, for loans with performance pricing provisions, which facilitate borrower-lender incentive alignment, and for borrowers with CDS contracts, which facilitate credit risk transfer. Moreover, non-bank institutional investors demand higher risk premiums to compensate for their high-risk investment strategies that also account for tax-specific risks and do not have particular focus on tax-specific risk taking. Finally, I show that simultaneous access to private and public debt financing, which reflects greater firm-level financial flexibility and fewer hold-up problems, largely mitigates agency risks associated with all forms of tax avoidance. These syndicate-level risk-mitigating measures work jointly well and are more effective, ex-ante, at moderating tax-specific risks in comparison to maintenance-based covenant structures alone. These results help identify channels through which firms can mitigate non-tax costs associated with tax avoidance and, hence, effectively pursue strategies that persistently reduce their corporate tax liabilities without incurring material agency costs.
Abstract.
DOI.
2017
Isin AA, Gonzalez-Cabral AC (2017). Cost of Tax Avoidance: Examining the Role of Product Market Structure.
DOI.
2015
Isin AA, Gyoshev SB, McMeeking K (2015). Corporate Risk Management and the Value of Cash Holdings.
DOI.
2014
Isin AA, Gyoshev SB, McMeeking K (2014). Hedging and Firm Value: Measuring the Implications of Airline Hedging Programs.
DOI.
Awards and honours
- Business School Scholarship for PhD in Finance – Essays on Corporate Risk Management
Ad-hoc Reviewer
- Journal of Corporate Finance
- European Accounting Review
- Journal of Business Finance and Accounting
- Journal of the American Taxation Association
Professional Memberships
- American Accounting Association
- American Taxation Association
- Financial Management Association
- European Accounting Association
- European Finance Association
- American Finance Association
Teaching interests
- Corporate Finance
- Advanced Financial Accounting and Reporting
- Capital Markets
Modules
2023/24