we look forward to research about the information content of taxes netted against below-the-line items. Do they have the same value-relevance as other taxes? To our knowledge, no one has explored how the market evaluates these items. Finally, the majority of this literature deals only with the use of the tax information by equity market participants.62 However, as discussed by Holthausen and Watts (2001), there are many other users of the financial statements (e.g., public debt market participants, private creditors, customers, employees, and regulatory bodies). It would be interesting to examine the extent to which and the accuracy with which tax information in the financial statements is used by other groups.