(Un)intended consequences? The impact of the 2017 tax cuts and jobs act on shareholder wealth.
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ABSTRACT:
SUBMITTER: Kalcheva I
PROVIDER: S-EPMC7250099 | biostudies-literature | 2020 Sep
REPOSITORIES: biostudies-literature
Publications
(Un)intended consequences? The impact of the 2017 tax cuts and jobs act on shareholder wealth.
Kalcheva Ivalina I Plečnik James M JM Tran Hai H Turkiela Jason J
Journal of banking & finance 20200526
We study the stock market reactions to the Tax Cuts and Jobs Act (TCJA), the most significant structural U.S. tax reform in over 30 years. In line with the stated intent of TCJA proponents, we find that the Act benefited highly taxed firms. However, the Act hindered firms with international operations as well as firms with high interest expense and tax losses. Counter to claims that the TCJA would quickly spur economic growth, we find that financially constrained and high growth opportunity firm ...[more]
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