000			01507nab a2200253 c 4500
999			_c149573 _d149573
003			ES-MaIEF
005			20240604095919.0
007			ta
008			240604t2024 us ||||| |||| 00| 0|eng d
040			_aES-MaIEF _bspa _cES-MaIEF
100			_964520 _aEdwards, Alexander
245		0	_aCorporate taxes and initial public offerings _bevidence from the Tax Cuts and Jobs Act _c Alexander Edwards and Michelle L. Hutchens
500			_aResumen.
504			_aBibliografía.
520			_aWe examine the influence of corporate taxes on the pricing of initial public offerings (IPOs). We document an increase in IPO valuations following enactment of the Tax Cuts and Jobs Act. Unlike existing public equities, where prior research suggests prices incorporate the expected benefits of tax reform well in advance of enactment, we do not observe the capitalization of anticipated tax benefits into IPO prices prior to enactment of the tax reform. We also provide evidence that frictions in the IPO market, such as underwriter reputational concerns, may limit the extent to which IPO pricing incorporates anticipated tax reform.
650		4	_aIMPUESTO DE SOCIEDADES _945680
650		4	_aPOLITICA FISCAL _948067
650		4	_947883 _aOFERTA PUBLICA DE ADQUISICION
650		4	_948092 _aPRECIOS
650		4	_aESTADOS UNIDOS _942888
700	1		_971792 _aHutchens, Michelle L.
773	0		_9171815 _oOP 233/2024/1 _tNational Tax Journal _w(IEF)86491 _x 0028-0283 _g v. 77, n. 1, March 2024, p. 75-109
942			_cART