Recent research has documented that industry concentration has increased significantly over the past 25 years, with potentially negative consequences for competition, productivity, and social welfare. Some have suggested that greater corporate tax planning by industry leaders, which can provide...

We investigate the potential of path dependence in explaining cross-sectional variation and persistence in efficient corporate tax planning. Variation in corporate tax planning among firms is far from fully understood. We propose that corporate tax planning strategies are path dependent. This...

To reveal to the public whether firms pay their fair share of taxes, regulators increasingly mandate public tax disclosures. One assumption is that these disclosures help stakeholders, such as retail investors, identify aggressive tax avoiders. However, we find that retail investors become worse...