Tax misers sell off worse than market in pandemic

Carnival Cruise ship Costa Fortuna from co media gallery 12May20 575x375
By Jon Hay
12 May 2020

Companies that pay little tax have suffered worse share price declines during the coronavirus pandemic than the market as a whole — a result that suggests investors may at last be taking notice of this long ignored aspect of corporate governance.

The evidence has been uncovered by a hedge fund, Auriel Investors, which specialises in sustainable investing. It runs an equity market-neutral long/short strategy, in which it goes long companies with good environmental, social and governance (ESG) credentials, and short bad performers.

Auriel introduced the ‘tax gappers’ strand of ...

Please take a trial or subscribe to access this content.

Contact our subscriptions team to discuss your access:

Or sign up for a trial to gain full access to the entire site for a limited period.

Free Trial

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: or find out more online here.