Overesch, Michael
Cross-Border effects of a major tax reform evidence from the European stock market / Michael Overesch and Max Pflitsch .-- , 2021
Disponible también en formato electrónico.
Resumen.
Bibliografía.
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.
IMPUESTOS
POLITICA FISCAL
REFORMA
ESTADOS UNIDOS
INCIDENCIA Y TRASLACION
SOCIEDADES
BENEFICIOS
EUROPA
COMPETENCIA
Pflitsch, Max
National Tax Journal 0028-0283v. 74, n. 1, March 2021, p. 75-106
Cross-Border effects of a major tax reform evidence from the European stock market / Michael Overesch and Max Pflitsch .-- , 2021
Disponible también en formato electrónico.
Resumen.
Bibliografía.
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.
IMPUESTOS
POLITICA FISCAL
REFORMA
ESTADOS UNIDOS
INCIDENCIA Y TRASLACION
SOCIEDADES
BENEFICIOS
EUROPA
COMPETENCIA
Pflitsch, Max
National Tax Journal 0028-0283v. 74, n. 1, March 2021, p. 75-106