The Security market Impact of a Tax Law Change: Possessions Corporation Revisions.
本研究采用事件分析法，评估1982年《税收公平与财政责任法案》中属地公司税改对证券市场的影响，发现公告显著影响市场反应，且公司过往税收优惠使用程度与市场反应相关，对政策制定者和学术研究者有参考价值。
Abstract Using an "events" methodology, this study analyzed the market impact of possessions corporation (PC) tax changes enacted by the Tax Equity and Fiscal Responsibility Act of 1982. Three announcement dates relevant to proposed PC revisions were identified, and three sets of analyses were conducted; an assessment of the security market effect of the PC announcements, an examination of the sensitivity of sample companies to the PC changes, and an estimation of dollar revenue generated by the revisions. The results indicated a significant impact in the expects direction for all announcements, a significant relationship between a company's cumulative market reaction and its previous use of PC benefits, and a dollar estimate slightly smaller than the Treasury's. These conclusions have implications for policy makers in their assessment of the impact of proposed tax changes, while the methodological refinements are relevant to academic researchers considering a similar design.