U.S. businesses can choose to be C-corporations or pass-through entities in the forms of S-corporations, partnerships (notably LLCs), and sole proprietorships. C-corporate status conveys benefits from perpetual legal identity, limited liability, potential for public trading of shares, and...

Long-difference regressions for 1968-2013 show that a higher tax wedge reduces the C-corporate share of net capital stocks, equity (book value), gross assets, and positive net income, as well as the corporate share of gross investment. The C-corporate shares also exhibit downward trends, likely...

Corporate versus pass-through status trades off productivity benefits (related to perpetual identity, limited liability, public trading, and earnings retention) against tax wedges, estimated from U.S. federal taxes on corporate profits, dividends, and partnership income. In regressions,...

U.S. businesses can choose to be C-corporations or pass-through entities in the forms of S-corporations, partnerships (notably LLCs), and sole proprietorships. C-corporate status conveys benefits from perpetual legal identity, limited liability, potential for public trading of shares, and...

Corporate versus pass-through status trades off benefits (perpetual identity, limited liability, public trading, earnings retention) against tax wedges, estimated from U.S. taxes on corporate profits, dividends, and partnership income. In regressions, C-corporate economic shares decline with the...

U.S. businesses can choose to be C-corporations or pass-through entities in the forms of S-corporations, partnerships (notably LLCs), and sole proprietorships. C-corporate status conveys benefits from perpetual legal identity, limited liability, potential for public trading of shares, and...

Corporate versus pass-through status trades off benefits (perpetual identity, limited liability, public trading, earnings retention) against tax wedges, estimated from U.S. taxes on corporate profits, dividends, and partnership income. In regressions, C-corporate economic shares decline with the...

How fully and quickly do supply chains transmit commodity price movements into inflation? In a production network with sticky prices, we show that the network delays propagation of commodity price shocks to downstream firms. This result holds even if firms are forward-looking. In the long run,...