JFQ volume 55 Issue 7 Cover and Back matter
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JFQ volume 55 Issue 2 Cover and Front matter
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JFQ volume 55 Issue 4 Cover and Front matter
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JFQ volume 55 Issue 5 Cover and Front matter
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JFQ volume 55 Issue 2 Cover and Back matter
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JFQ volume 55 Issue 6 Cover and Front matter
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JFQ volume 55 Issue 8 Cover and Front matter
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JFQ volume 55 Issue 4 Cover and Back matter
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Can Corporate Income Tax Cuts Stimulate Innovation?
We hypothesize that corporate income taxes distort firms’ incentives to innovate by reducing their pledgeable income. Using a differences-in-differences methodology, we document that large corporate income tax cuts boost corporate innovation. We find a similar but opposite effect for tax increases. Most of the change in innovation occurs 2 or more years after the tax change, and there’s no effect before the tax change. Exploring the mechanisms, we show that tax cuts have a stronger impact on innovation for firms with weaker governance, greater financial constraints, fewer tangible assets, smaller patent stock, and a greater degree of tax avoidance.
Cross-Listings and the Dynamics between Credit and Equity Returns
We study how listing in multiple markets affects the dynamics between firms’ credit default swap (CDS) and stock returns. We find that cross-listing increases (1) the sensitivity of CDS to stock returns, (2) the integration of CDS with world equity and bond markets, and (3) the statistical synchronicity of CDS and stock prices. Our results are stronger for firms with greater media attention, analyst and CDS coverage, and Google search intensity and for listings in familiar markets. We suggest that a firm’s presence in global equity markets comes with an improvement in the credit-equity integration through a reduction of informational frictions. Received April 20, 2017; editorial decision February 12, 2019 by Editor Andrew Karolyi.