000			01704nab a2200277 c 4500
999			_c146148 _d146148
003			ES-MaIEF
005			20220810111917.0
007			ta
008			220810t2022 us ||||| |||| 00| 0|eng d
040			_aES-MaIEF _bspa _cES-MaIEF
100	1		_969879 _aKlein, Daniel
245		0	_aTaxing the digital economy _binvestor reaction to the European Commission’s digital tax proposals _c Daniel Klein, Christopher A. Ludwig and Christoph Spengel
500			_aResumen
504			_aBibliografía.
520			_aThis study analyzes investor reaction to the European Commission’s proposals on the taxation of digital firms. Examining the stock returns of potentially affected firms surrounding the proposals’ release, we find a significant abnormal capital market reaction of −0.692 percent. This corresponds to an absolute market value reduction of more than 52 billion euros, 40 percent of which is attributable to US firms. Investor reaction is stronger for firms that engage more in tax avoidance and for those with higher European Union exposure. Overall, investors perceive the event as a threat to digital firms’ future profitability and react in line with the proposals’ intentions to secure tax revenues and to extract location-specific rent.
650		7	_aECONOMÍA DIGITAL _966104
650		4	_aIMPUESTOS _947460
650		4	_aIMPUESTO DE SOCIEDADES _945680
650		4	_aUNION EUROPEA _948644
650		4	_aEMPRESAS _943504
650		4	_aESTADOS UNIDOS _942888
700			_969880 _aLudwig, Christopher A.
700			_95485 _aSpengel, Christoph
773	0		_9167497 _oOP 233/2022/1 _tNational Tax Journal _w(IEF)86491 _x 0028-0283 _g v. 75, n. 1, March 2022, p. 61-92
942			_cART