重大税制改革的跨境影响——来自欧洲股市的证据

IF 1.8 3区经济学 Q2 BUSINESS, FINANCE

National Tax Journal Pub Date : 2021-03-01 DOI:10.1086/712914

Michael Overesch, Max Pflitsch

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引用次数: 3

摘要

我们分析了2017年美国重大税收改革对欧洲企业的影响。尽管活跃在各自国家的外国公司应该受到直接影响，但其他外国公司也可能通过竞争受到间接影响。通过事件研究设计，我们分析了导致《减税和就业法案》的立法过程中的关键日期前后欧洲股市的回报率。我们发现活跃在美国的欧洲公司的市场回报率为正。此外，我们的研究结果表明，竞争会产生间接影响。在国内市场面临来自美国公司的激烈竞争的欧洲公司表现出明显较低的回报。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Cross-Border Effects of A Major Tax Reform — Evidence from the European Stock Market

We analyze the effects of the major US tax reform of 2017 on European firms. Although foreign firms that are active in the respective country should be directly affected, other foreign firms could also be indirectly affected through competition. With an event study design, we analyze stock market returns in Europe around key dates in the legislative process leading to the Tax Cuts and Jobs Act. We find positive market returns for the European firms that are active in the United States. Moreover, our results suggest an indirect effect through competition. European firms that face strong competition from US firms in their domestic markets exhibit significantly lower returns.

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来源期刊

National Tax Journal Multiple-

CiteScore

3.40

自引率

11.80%

发文量

期刊介绍： The goal of the National Tax Journal (NTJ) is to encourage and disseminate high quality original research on governmental tax and expenditure policies. Articles published in the regular March, June and September issues of the journal, as well as articles accepted for publication in special issues of the journal, are subject to professional peer review and include economic, theoretical, and empirical analyses of tax and expenditure issues with an emphasis on policy implications. The NTJ has been published quarterly since 1948 under the auspices of the National Tax Association (NTA). Most issues include an NTJ Forum, which consists of invited papers by leading scholars that examine in depth a single current tax or expenditure policy issue. The December issue is devoted to publishing papers presented at the NTA’s annual Spring Symposium; the articles in the December issue generally are not subject to peer review.