Do Firms Do What They Say? The Effect of the American Jobs Creation Act of 2004 on R&D Spending
研究了2004年美国就业创造法案的税收优惠是否增加了企业研发支出，发现平均而言该法案确实促进了研发投入，弥合了此前实证与调查结果的矛盾。
ABSTRACT Prior studies debate whether the temporary tax holiday provided by the American Jobs Creation Act of 2004 (AJCA) increased firm spending on domestic investment. Since internal equity is an important funding source for research and development (R&D), and the AJCA lowered the cost of accessing internal equity through reduced repatriation tax rates, we hypothesize and find that on average, the AJCA led to increased firm spending on R&D. Our results bridge the gap between prior empirical results that do not show an average effect of increased domestic investment under the AJCA and survey results that report increased domestic investment as a common use of funds repatriated under the AJCA. JEL Classifications: G15; G38.