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Shareholder Wealth Effects of Border Adjustment Taxation
The Journal of Law and Economics ( IF 1.840 ) Pub Date : 2019-05-01 , DOI: 10.1086/704634
Fabio B. Gaertner , Jeffrey L. Hoopes , Edward L. Maydew

Following 2 decades of discussion, the border adjustment tax (BAT) briefly emerged as part of proposed US corporate tax reform in early 2017. While heavily debated, little empirical evidence exists regarding the BAT. We take advantage of the period during which the BAT was under strong consideration to examine its effects on shareholder value. We find that high-importing firms (measured using industry, aggregate government industry data, and firm-level shipping-container data) suffer negative returns on days the tax had a greater likelihood of adoption. We also find that firms lobbying for the BAT experience positive returns over that same time period.

中文翻译:

边境调整税对股东财富的影响

经过长达20年的讨论,边界调整税(BAT)于2017年初作为美国公司税制改革的一部分而短暂出现。尽管进行了激烈的辩论,但关于BAT的经验证据很少。我们利用英美烟草公司一直在认真考虑的时期来研究其对股东价值的影响。我们发现,高进口公司(使用行业,政府行业总数据和公司级运输集装箱数据来衡量)在税收被采用的可能性较大的日子里遭受了负回报。我们还发现,游说英美烟草公司的公司在同一时期内获得了正收益。
更新日期:2019-05-01
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