. We observe that tax avoidance primarily affects stock return volatility through changes in investors' cash flow …

This study finds that stock return volatility is higher during periods of high tax policy uncertainty (TPU), even after … return volatility is more pronounced where firms are characterized by greater variability in tax outcomes. We adopt a broad … participants. We also document that the effects of TPU are concentrated in systematic volatility. Overall our results suggest that …

leverage is beneficial for owners and investors, also increasing volatility. In general, owner-occupier returns exceed …