(Un)intended consequences? The impact of the 2017 tax cuts and jobs act on shareholder wealth

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dc.creatorKalcheva, Ivalina
dc.creatorPlečnik, James M.
dc.creatorTran, Hai
dc.creatorTurkiela, Jason
dc.date.accessioned2020-07-14T15:14:29Z
dc.date.available2020-07-14T15:14:29Z
dc.date.created2020-09
dc.description.abstractenglishWe study the stock market reactions to the Tax Cuts and Jobs Act (TCJA), the most significant structural U.S. tax reform in over 30 years. In line with the stated intent of TCJA proponents, we find that the Act benefited highly taxed firms. However, the Act hindered firms with international operations as well as firms with high interest expense and tax losses. Counter to claims that the TCJA would quickly spur economic growth, we find that financially constrained and high growth opportunity firms did not benefit. Rather, market participants anticipate that most of the TCJA’s benefits will be passed on to shareholders via higher corporate payouts. We confirm these market expectations by documenting that firms did increase payouts via repurchases after the TCJA, but did not increase their corporate investments.spa
dc.format.extent22 páginasspa
dc.format.mimetypeapplication/pdfspa
dc.identifier.doihttps://doi.org/10.1016/j.jbankfin.2020.105860spa
dc.identifier.issn0378-4266spa
dc.identifier.otherhttps://www.sciencedirect.com/science/article/pii/S0378426620301266?via%3Dihub#keys0001spa
dc.identifier.urihttps://hdl.handle.net/20.500.12010/10481
dc.publisherScience Directeng
dc.rights.accessrightsinfo:eu-repo/semantics/openAccessspa
dc.sourcereponame:Expeditio Repositorio Institucional UJTLspa
dc.sourceinstname:Universidad de Bogotá Jorge Tadeo Lozanospa
dc.subjectImpuestosspa
dc.subject.keywordStock returnsspa
dc.subject.keywordTaxesspa
dc.subject.keywordEvent studyspa
dc.subject.keywordTax Cuts and Jobs Actspa
dc.subject.lembSíndrome respiratorio agudo gravespa
dc.subject.lembCOVID-19spa
dc.subject.lembSARS-CoV-2spa
dc.subject.lembCoronavirusspa
dc.title(Un)intended consequences? The impact of the 2017 tax cuts and jobs act on shareholder wealthspa
dc.type.hasversioninfo:eu-repo/semantics/acceptedVersionspa
dc.type.localArtículospa

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