In The Impact of IP Box Regimes on the M&A Market, Bradley, Robinson, and Ruf (2021) study whether and to what extent tax incentives for intellectual property affect corporate M&A investment activity. The paper finds that a 1.0 percentage point tax benefit leads to a 1.2% increase in M&A activity in a country after the implementation of an Intellectual Property (IP) Box tax regime. Results vary based on country-specific IP Box requirements, as well as firm-specific characteristics such as patent ownership and acquirer nationality. My discussion offers more cautious interpretations of the empirical results related to statutory country-specific requirements of these regimes and raises concerns about the type and timing of firm responses. More generally, I outline how this paper and other work by tax researchers in Accounting contributes to the broader literature studying the relation between corporate tax policies and investment activity.

在IP框制度对并购市场的影响、Bradley、Robinson 和 Ruf（2021 年）研究了知识产权税收激励是否以及在多大程度上影响企业并购投资活动。该论文发现，在实施知识产权 (IP) Box 税收制度后，1.0 个百分点的税收优惠会导致一个国家的并购活动增加 1.2%。结果因国家/地区特定的 IP Box 要求以及专利所有权和收购方国籍等公司特定特征而异。我的讨论对与这些制度的法定国家特定要求相关的实证结果提供了更谨慎的解释，并引发了对公司回应的类型和时间的担忧。更普遍，