Replication data for: Unequal Rewards to Firms: Stock Market Responses to the Trump Election and the 2017 Corporate Tax Reform

Massive dollars shuttled back and forth among firms on the twisted path to and passage of the 2017 tax reform. Prices of individual stocks responded to the difference between initial and revised expectations. From the bill's initiation in the House to final passage, high-tax firms gained significantly, given the dramatic cut from 35 percent to 21 percent in the corporate tax rate. Internationally-oriented firms suffered notably, since investors assessed that the surprisingly high repatriation tax outweighed the benefits from territorial taxation. Daily price movements show that the aggregate market responded positively to lower expected taxes.

在2017年税改历经曲折的推进直至最终落地的过程中，巨额资金在各企业间往复流转。个股价格会对初始预期与修正后预期的差异做出响应。从法案在众议院提交审议到最终通过，由于企业所得税税率从35%大幅下调至21%，高税负企业获得了显著收益。面向国际经营的企业则遭受显著损失，因投资者评估认为，意外高企的境外利润汇回税抵消了属地征税模式改革带来的收益。每日股价变动数据显示，整体市场对预期税负降低做出了正向响应。