| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w27363
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| 来源ID | Working Paper 27363
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| Tax Policy and Abnormal Investment Behavior |
| Qiping Xu; Eric Zwick
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| 发表日期 | 2020-06-15
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| 出版年 | 2020
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| 语种 | 英语
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| 摘要 | This paper studies tax-minimizing investment, whereby firms tilt capital purchases toward fiscal year-end to reduce taxes. Between 1984 and 2016, average investment in fiscal Q4 exceeds the fiscal Q1 through Q3 average by 36%. Q4 spikes occur in the U.S. and internationally. We use this behavior to characterize the mechanisms through which taxes affect corporate investment behavior. Research designs using variation in firm tax positions from administrative data and tax policy changes confirm that tax minimization causes spikes. Spikes increase when firms face financial constraints or higher option values of waiting until fiscal year-end, and cumulative investment levels do not completely reverse after spikes. We develop an investmentmodel with tax asymmetries to rationalize these patterns. In themodel, both a depreciation motive—late-year investments face lower effective tax rates—and an option value motive—tax asymmetry implies time-varying opportunities to minimize taxes—are necessary to fit the data. We document and discuss implications of investment spikes for capital goods suppliers, lenders, and stimulus policy design. |
| 主题 | Microeconomics
; Households and Firms
; Behavioral Economics
; Financial Economics
; Corporate Finance
; Public Economics
; Taxation
|
| URL | https://www.nber.org/papers/w27363
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/585035
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推荐引用方式
GB/T 7714 |
Qiping Xu,Eric Zwick. Tax Policy and Abnormal Investment Behavior. 2020.
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文件名：
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w27363.pdf
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格式：
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Adobe PDF
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