This paper tests whether the 2003 dividend tax cut—one of the largest reforms ever to a US
capital tax rate—stimulated corporate investment and increased labor earnings, using a …

When a US multinational corporation shifts income from the US to foreign jurisdictions, it
incurs costs and reaps benefits. The benefits may be reduced if the shifted income must be …

O objetivo da pesquisa é inferir se as empresas brasileiras de capital aberto que enfrentam
situações de restrições financeiras são mais agressivas tributariamente. Por hipótese …

We find an overall negative relation between CEO inside debt holdings and the cost of
equity capital. Such a negative relation holds in an instrumental-variable analysis, a test …

We examine the impact of managerial ability on the shareholder tax sensitivity of dividends.
We find that managerial ability increases the sensitivity of dividends to the dividend tax …

This paper documents that the real option to have debt motivates some firms to remain debt-
free, even when standard trade-off theory predicts that these firms should have leverage …

We examine whether dividend tax induced lock-in reduces idiosyncratic volatility. The 2012
Dividend Tax Reform in China tied individual investors' dividend tax to the length of their …

We hypothesize that tax planning behaviour mitigates a firm's financial constraints, and this
effect is more pronounced in non‐state‐owned enterprises and big firms compared to their …

Abstract Using China's staggered Mainland–Hong Kong Stock Connect programs (hereafter,
Connect programs) as quasi‐natural experiments, we examine the impact of stock market …

We analyze the valuation-tax avoidance relation and find there is, in fact, a market value
discount for tax avoidance. We identify several channels for the adverse valuation effects of …