U.S. Firms on Foreign (Tax) Holidays

August 17, 2017

We undertake the first large-sample examination of foreign tax holiday participation among U.S. corporations. Tax holidays are temporary reductions of tax granted by governments, usually in conjunction with new business investment. More

Shareholder Wealth Effects of Border Adjustment Taxation

April 24, 2017

We examine the effects of a proposed border adjustment tax on the share prices of publicly traded firms. Border adjustment refers to exempting export revenue from taxation while also disallowing deductions for the cost of imports, and has been proposed as a potential U.S. corporate tax reform. More

The Taxman Cometh: Does Tax Uncertainty Affect Corporate Cash Holdings?

March 31, 2017

We examine whether firms hold more cash in the face of tax uncertainty. More

Is the Market Grossed out by Gross-Ups? An Investigation of Firms that Pay Their CEOs’ Taxes

January 23, 2017

This study provides evidence on whether investors value tax gross-up provisions for executives, and how the elimination of these provisions changes executive compensation. More

Public Tax-Return Disclosure

December 20, 2016

We investigate the effect of public disclosure of information from corporate tax returns filed in Australia on consumers, investors, and the corporations themselves that were subject to disclosure. More

Banks as Tax Planning Intermediaries

December 15, 2016

We provide the first large-sample evidence of banks playing an important role in facilitating tax planning of their client firms. More

Tax Distractions: The Effects of Temporary Tax Law on Capital Markets

December 07, 2016

This paper investigates the extent to which the expiration of a temporary tax law reduces market participants’ ability to understand corporate performance. More

When Does Tax Avoidance Result in Tax Uncertainty?

August 10, 2016

We investigate the relation between tax avoidance and tax uncertainty, where tax uncertainty is the possibility of losing a claimed tax benefit upon challenge by a tax authority. More

Corporate Tax Behavior and Political Uncertainty: Evidence from National Elections around the World

June 07, 2016

We empirically investigate the effects of political uncertainty on corporate tax behavior. More

Who Sold During the Crash of 2008-9? Evidence from Tax-Return Data on Daily Sales of Stock

April 21, 2016

We examine individual stock sales from 2008 to 2009 using population tax return data. More