| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14950 |
| DP14950 The Tax Cuts and Jobs Act: Which Firms Won? Which Lost? | |
| Alexander F. Wagner; Richard Zeckhauser; Alexandre Ziegler | |
| 发表日期 | 2020-06-27 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | The Tax Cut and Jobs Act (TCJA) slashed corporations’ median effective tax rates from 31.7% to 20.8%. Nevertheless, 15% of firms experienced an increase. One fifth of firms recorded nonrecurring tax costs or benefits exceeding 3% of total assets. Proxies that existing studies employ to assess the TCJA’s impacts account for just half of actual impacts. Stock prices impounded those proxies during the legislative process. Total impacts were impounded the following year, once firms published their financials. These results indicate that investors find it hard to predict even large and immediate changes to company cash flows due to unfamiliar events. |
| 主题 | Financial Economics |
| 关键词 | Corporate taxes Tax cuts and jobs act Event study Market efficiency Tax reform |
| URL | https://cepr.org/publications/dp14950 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/543895 |
| 推荐引用方式 GB/T 7714 | Alexander F. Wagner,Richard Zeckhauser,Alexandre Ziegler. DP14950 The Tax Cuts and Jobs Act: Which Firms Won? Which Lost?. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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