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 …

Over the past decade, a number of researchers have extended conventional models of
business fixed investment to incorporate a role for financial constraints' in determining …

This paper develops a general theory of aggregation in inefficient economies. We provide
nonparametric formulas for aggregating microeconomic shocks in economies with …

This paper presents direct measures of capital costs, equal to the product of the required
rate of return on capital and the value of the capital stock. The capital share, equal to the …

Since the late 1990s, over 75% of US industries have experienced an increase in
concentration levels. We find that firms in industries with the largest increases in product …

Using data on 800,000 corporate publications and patent citations to these publications
between 1980 and 2015, we study how corporate investment in research is linked to its use …

A number of recent papers have argued that US firms exert increasing market power, as
measured by their markups of price over marginal cost. I review three of the main …

We study a Chinese policy that awards substantial tax cuts to firms with R&D investment
over a threshold or “notch.” Quasi-experimental variation and administrative tax data show a …

We estimate the effect of temporary tax incentives on equipment investment using shifts in
accelerated depreciation. Analyzing data for over 120,000 firms, we present three findings …

Real risk-free interest rates have trended down over the past 30 years. Puzzlingly in light of
this decline,(1) the return on private capital has remained stable or even increased, creating …