Affiliation:
1. ESSEC Business School (email: )
2. Paris School of Economics (PSE), EHESS, Institut des Politiques Publiques (IPP) (email: )
3. PSE, IPP (email: )
4. CREST, CNRS, IP Paris, PSE, IPP (email: )
Abstract
Boissel and Matray (2022) find that investment increased after 2013 in French firms facing higher dividend taxes. We identify an alteration in the code plotting the event study of the effect of this reform on investment. Using identical data and removing this alteration, we find differential pre-trends between treated and control firms. We also establish that the controls referred to as “size growth,” used in all the difference-in-difference specifications, effectively are controls for lagged investment, i.e., the main outcome variable. Removing such controls attenuates differential pre-trends but leaves no clear event study evidence of a positive effect of dividend taxation on investment. (JEL D22, G31, G35, H25, H32)
Publisher
American Economic Association
Subject
Economics and Econometrics
Reference13 articles.
1. Bach, Laurent, Antoine Bozio, Arthur Guillouzouic, and Clément Malgouyres. 2023. "Replication Data for: Dividend Taxes and the Allocation of Capital: Comment." American Economic Association [publisher], Inter-university Consortium for Political and Social Research [distributor]. https:// doi.org/10.3886/E185061V1.
2. Payout taxes and the allocation of investment
3. Dividend Taxes and the Allocation of Capital
4. Boissel, Charles, and Adrien Matray. 2022b. "Data and Code for: Dividend Taxes and the Allocation of Capital." American Economic Association [Publisher], Inter-university Consortium for Political and Social Research [Distributor]. https://doi.org/10.3886/E152002V1.
5. Chabé-Ferret, Sylvain. 2017. "Should We Combine Difference in Differences with Conditioning on Pre-treatment Outcomes?" Unpublished.
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