In this paper, we present a review of tax research. We survey four main areas of the
literature:(1) the informational role of income tax expense reported for financial …

Donald Trump's surprise election shifted expectations: corporate taxes would be lower and
trade policies more restrictive. Relative stock prices responded appropriately. High-tax firms …

Did taxation play any role in precipitating the financial crisis? Are there lessons to be drawn
for future tax reform priorities? This paper reviews the main channels by which tax effects …

We test whether executive stock ownership affects firm payouts using the 2003 dividend tax
cut to identify an exogenous change in the after‐tax value of dividends. We find that …

We analyze the effects of changes in dividend tax policy using a life-cycle model of the firm,
in which new firms first access equity markets, then grow internally, and finally pay dividends …

Because the personal tax treatments of interest and dividend income likely affect the relative
cost of debt and equity financing, a sharp change in tax treatment could affect firms' optimal …

Evaluating the economic attractiveness of large projects often requires the development of
large and complex financial models. Model complexity can prevent management from …

This paper investigates how dividend taxes influence portfolio choices, using the response
to the distinctive treatment of a subset of foreign dividends in the Jobs and Growth Tax Relief …

The Jobs and Growth Tax Relief Act of 2003 (JGTRA03) reduced the tax rates on dividends,
with the highest statutory tax rate of 35 percent falling to 15 percent. An interesting twist on …

Compelling empirical evidence documenting a material effect of corporate taxes on leverage
decisions is limited, in part because of difficulties in constructing an effective proxy for the …