Kalcheva Ivalina, Plečnik James M, Tran Hai, Turkiela Jason
College of Business, Finance Department, University of Texas at San Antonio, One UTSA Circle, San Antonio, TX 78249, United States.
College of Business Administration, Loyola Marymount University, 1 LMU Drive, Los Angeles, CA 90045, United States.
J Bank Financ. 2020 Sep;118:105860. doi: 10.1016/j.jbankfin.2020.105860. Epub 2020 May 26.
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 firms did not benefit. Rather, market participants anticipate that most of the TCJA's benefits will be passed on to shareholders via higher corporate payouts. We confirm these market expectations by documenting that firms did increase payouts via repurchases after the TCJA, but did not increase their corporate investments.
我们研究了股票市场对《减税与就业法案》（TCJA）的反应，该法案是美国30多年来最重要的结构性税收改革。与TCJA支持者宣称的意图一致，我们发现该法案使高税负公司受益。然而，该法案阻碍了具有国际业务的公司以及利息支出高和有税收亏损的公司。与声称TCJA将迅速刺激经济增长的说法相反，我们发现受财务约束和有高增长机会的公司并未受益。相反，市场参与者预计TCJA的大部分好处将通过更高的公司派息传递给股东。我们通过记录公司在TCJA之后确实通过回购增加了派息，但没有增加公司投资，证实了这些市场预期。
