Recent research has documented that industry concentration has increased significantly over the past 25 years, with potentially negative consequences for competition, productivity, and social welfare. Some have suggested that greater corporate tax planning by industry leaders, which can provide...

We provide the first large-scale empirical evidence of banks functioning as tax planning intermediaries. We posit that some banks specialize in assisting corporate clients with tax planning. In this role, banks make use of their centrality in financial relationships; access to private...

We provide the first large‐scale empirical evidence of banks functioning as tax planning intermediaries. We posit that some banks specialize in assisting corporate clients with tax planning. In this role, banks make use of their centrality in financial relationships; access to private...

We investigate the potential of path dependence in explaining cross-sectional variation and persistence in efficient corporate tax planning. Variation in corporate tax planning among firms is far from fully understood. We propose that corporate tax planning strategies are path dependent. This...

Using a panel of European private firms, we show that the reaction of operating costs to sales changes increases with corporate taxes, consistent with conforming tax planning. We also find evidence of stickiness in conforming tax planning. Further, we show that conforming tax planning and...