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Research on the determinants of tax avoidance have relied on tests using GAAP and cash effective tax rates (ETRs) and total and permanent book-tax differences (BTDs). Two new proxies have emerged that overcome documented limitations of these proxies: one, developed by Henry and Sansing (2018),...
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We study the consequences of a firm engaging in corporate social responsibility within the firm's operations, rather than doing so outside the firm through charitable donations. After April 2018 protests, Starbucks enacted policies that anybody could sit in their stores and use the bathroom...
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Since 1977, U.S. states have passed laws steadily raising the age for which a child must ride in a car safety seat. These laws significantly raise the cost of having a third child, as many regular-sized cars cannot fit three child seats in the back. Using census data and state-year variation in...
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We infer Moody's preference for accurate versus biased ratings using hand-collected data on the internal labor market outcomes of its analysts. We find that accurate analysts are more likely to be promoted and less likely to depart. The opposite is true for analysts who downgrade more...
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I develop a simple competitive equilibrium model and derive the prediction that CEO pay-size elasticity increases when more firms compete for an inelastic supply of managers. Using industry-level IPO waves as a proxy for increased competition for CEOs, I find that pay-size elasticity increases...
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This paper studies the long-term effects of redlining policies that restricted access to credit in urban communities. For empirical identification, we use a regression discontinuity design that exploits boundaries from maps created by the Home Owners Loan Corporation (HOLC) in 1940. We find that...
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