We develop a theory of income and payout smoothing by firms when insiders know more about income than outside …' expectations and underproduce to manage future expectations downward. The observed income and payout process are smooth and adjust …

imposes a higher tax liability on foreign income, we show it encourages excess foreign investment by depressing the …

generates tax windfalls through a repatriation tax cut and a corporate income tax cut. Using monthly repurchase data from SEC … filings, we find the surge of repurchases after the TCJA is driven by the repatriation tax cut, and not the income tax cut … the income tax cut and especially for capital-constrained, low-leverage, or profitable firms. Highly-levered firms with …

tax policies on corporate investment and financing decisions. Facing a tax system with corporate and personal income taxes …