Company stock price reactions to the 2016 election shock: Trump, taxes, and trade

被引：130

作者：

Wagner, Alexander F. ^{[1
,2
,3
,4
]}

Zeckhauser, Richard J. ^{[5
,6
]}

Ziegler, Alexandre ^{[1
]}

机构：

[1] Univ Zurich, Dept Banking & Finance, Plattenstr 14, CH-8032 Zurich, Switzerland

[2] Swiss Finance Inst, Plattenstr 14, CH-8032 Zurich, Switzerland

[3] CEPR, Plattenstr 14, CH-8032 Zurich, Switzerland

[4] ECGI, Plattenstr 14, CH-8032 Zurich, Switzerland

[5] Harvard Univ, Harvard Kennedy Sch, 79 JFK St, Cambridge, MA 02139 USA

[6] NBER, 79 JFK St, Cambridge, MA 02139 USA

来源：

JOURNAL OF FINANCIAL ECONOMICS | 2018年 / 130卷 / 02期

关键词：

Stock returns; Event study; Corporate taxes; Trade policy; Corporate interest payments; Post-news drift; Election surprise; Market efficiency; Price contribution analysis; RATES; FIRMS;

D O I：

10.1016/j.jfineco.2018.06.013

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Donald Trump's surprise election shifted expectations: corporate taxes would be lower and trade policies more restrictive. Relative stock prices responded appropriately. High-tax firms and those with large deferred tax liabilities (DTLs) gained: those with significant deferred tax assets from net operating loss carryforwards (NOL DTAs) lost. Domestically focused companies fared better than internationally oriented firms. A price contribution analysis shows that easily assessed consequences (DTLs, NOL DTA5, tax rates) were priced faster than more complex issues (net DTLs, foreign exposure). In sum, the analysis demonstrates that expectations about tax rates greatly impact firm values. (C) 2018 Elsevier B.V. All rights reserved.

引用

页码：428 / 451

页数：24

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