This study investigates whether institutional ownership levels are associated with levels of and time-series variability in book-tax differences (BTDs). Firm and year fixed-effects regression results suggest that institutional ownership is negatively associated with total, permanent, and...

We examine how tax rates impact investment by corporations in the stock market. We regress changes in intercorporate investment on changes in the various individual and corporate top statutory marginal tax rates (MTRs). We find a significant negative association between changes in individual...

We examine how tax rates impact investment by corporations in the stock market. We regress changes in intercorporate investment on changes in the various individual and corporate top statutory marginal tax rates (MTRs). We find a significant negative association between changes in individual...

This study examines whether U.S. effective tax rates on foreign income of U.S. multinationals (MNCs) vary according to the favorability of U.S. macroeconomic conditions relative to those of non-U.S. countries. We use the pre-Tax Cuts and Jobs Act of 2017 regime as our setting and present...