JUE insight: Expectations about future tax rates and firm entry
研究了企业如何利用信息预期未来税率，发现不可移动企业（如风电场）进入多的地区未来税率预期更高，导致可移动企业进入减少10%。
Firms should use all available information to anticipate future tax rates. Firm mobility is one source of such information. We first establish theoretically that expected future tax rates are higher in jurisdictions attractive for immobile firms (such as wind power plants or resource extracting firms). Fewer mobile firms enter in such a jurisdiction. Building on previous empirical evidence that German municipalities raise tax rates following the entry of immobile firms, we confirm that firms use this information to anticipate future tax rates. In the jurisdictions with the largest expected future tax rate increases, 10% fewer firms enter.