• Publications
  • Influence
Watch What I Do, Not What I Say: the Unintended Consequences of the Homeland Investment Act
This paper analyzes the impact on firm behavior of the Homeland Investment Act of 2004, which provided a one-time tax holiday for the repatriation of foreign earnings by U.S. multinationals. TheExpand
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Earnings Shocks and Tax-Motivated Income-Shifting: Evidence from European Multinationals
This paper presents a new approach to estimating the existence and magnitude of tax-motivated income shifting within multinational corporations. Existing studies of income shifting use changes inExpand
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Which Countries Become Tax Havens?
This paper analyzes the factors influencing whether countries become tax havens. Roughly 15% of countries are tax havens; as has been widely observed, these countries tend to be small and affluent.Expand
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What Problems and Opportunities are Created by Tax Havens?
Tax havens have attracted increasing attention from policy-makers in recent years. This paper provides an overview of a growing body of research that analyses the consequences and determinants of theExpand
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Corporate Tax Avoidance and Firm Value
How do investors value managerial actions designed solely to minimize corporate tax obligations? Using a framework in which managers' tax sheltering decisions are related to their ability to divertExpand
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Corporate Governance, Enforcement, and Firm Value: Evidence from India
This article analyzes the impact of corporate governance on firm value using a sequence of reforms in India (Clause 49) enacted in 2000, for which more severe penalties were introduced in 2004. TheExpand
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Tax Policy and the Missing Middle: Optimal Tax Remittance with Firm-Level Administrative Costs
We analyze the optimal taxation of firms when the government faces fixed (per-firm) administrative costs of tax collection. The tax instruments at the government's disposal are a fixed (per-firm) feeExpand
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Dividend Taxes and International Portfolio Choice
This paper investigates how dividend taxes influence portfolio choices, using the response to the distinctive treatment of a subset of foreign dividends in the Jobs and Growth Tax ReliefExpand
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Taxes, Institutions and Foreign Diversification Opportunities
Investors can access foreign diversification opportunities through either foreign portfolio investment (FPI) or foreign direct investment (FDI). The worldwide tax regime employed by the U.S.Expand
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The Condorcet Jury Theorem and the Expressive Function of Law: A Theory of Informative Law
We argue that legislation can generate compliance expressively, independently of deterrence. The Condorcet jury theorem implies that, in certain circumstances, the legislative process aggregates theExpand
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