We study the foreign externalities of the recent U.S. tax reform, commonly known as the Tax Cuts and Jobs Act (TCJA). Specifically, we examine foreign firms' stock returns around key tax reform events. We find significant heterogeneity in market responses by country, industry, and firm. Chinese...

This paper examines if, when, and to what extent international income shifting incentives explain where multinational firms move offshored U.S. jobs. Using a small, detailed sample of offshored jobs from a program within the Department of Labor called Trade Adjustment Assistance (TAA), I find...

We study the use of residual income (RI) valuation methods by U.S. sell-side equity analysts, particularly as compared to DCF. We document that RI valuations are rare — just 1/16th as common as DCF — and that different RI and DCF valuations are not infrequently provided by the same analyst...