Many corporations shared their cash windfalls from the Tax Cuts and Jobs Act (TCJA) with rank-and-file employees through bonuses, higher wages, or increased benefits. We use novel data from Culture X to examine how the announcement of TCJA bonuses affects employee sentiment about their...

Increasing workplace diversity is a key component of the social pillar of environmental, social, and governance (ESG) activities. In this study, we use financial statement disclosures to identify firms that claim the Work Opportunity Tax Credit (WOTC), a federal tax program that incentivizes...

Governments and regulators have increased corporate taxpayer transparency requirements in an attempt to reduce abusive tax behavior. Historically, these transparency rules have fallen on taxpayers, requiring them to self-report tax information. We exploit the requirement for third-party advisors...

This study examines when and how tax reform impacts the pricing of IPOs. Using the Tax Cuts and Jobs Act of 2017 (TCJA), we examine IPO pricing during the periods of anticipated and post-tax reform. First, we document that firms completing an IPO following the passage of the TCJA experience an...

We examine the response of individual investors to firms' adoptions of SFAS 109–Accounting for Income Taxes. We predict SFAS 109 (as compared to APB 11) provides new decision-useful information, reducing the information disadvantage of individual investors relative to more sophisticated...

While tax avoidance strategies result in greater after-tax cash flows, they can involve uncertain future outcomes, which can impose significant costs on firms. Thus, the extent to which tax avoidance increases firm risk is unclear. This paper re-examines the relation between tax avoidance and...