作者：Amberger, Harald J.; Robinson, Leslie
作者单位：Vienna University of Economics & Business; Dartmouth College
摘要：The Tax Cuts and Jobs Act (TCJA) of 2017 marked a significant change in U.S. domestic and international tax policy, altering incentives for U.S. firms to own foreign assets. We examine the initial response of U.S. firms' foreign acquisition patterns to the TCJA's key reform provisions. We find a significant overall decrease in the probability that a foreign target is acquired by a U.S. firm after the reform, suggesting that the net effect of the TCJA was to reduce acquisitions abroad. Cross-se...
作者：Even-Tov, Omri; Ryans, James; Solomon, Steven Davidoff
作者单位：University of California System; University of California Berkeley; University of London; London Business School; University of California System; University of California Berkeley
摘要：To mitigate information asymmetry in acquisitions, the seller makes contractual representations and warranties (referred to as R&W or reps) about the state of the target, such as attesting to the accuracy of the target's financial statements. While seller indemnities allow buyers to impose costs due to breaches in the reps discovered after the deal's close, these indemnities involve significant contracting costs. To mitigate these costs, the acquisition parties have increasingly turned to purc...
