Senior Fellows/Fellows

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Senior Fellows/Fellows

Repatriation Taxes and Foreign Cash Holdings: The Impact of Anticipated Tax Reform

Lisa De SIMONE, Joseph D. PIOTROSKI, Rimmy E. TOMY
We examine whether anticipation of a repatriation tax reduction affects the amount of cash U.S. multinational corporations (MNCs) hold overseas. We find that U.S. MNCs most likely to benefit from a repatriation tax reduction accumulated significant cash holdings once Congress proposed legislation, a...
Keywords: Multinational corporate taxation, Repatriation, Foreign cash
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Annual Conference

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Investment Finance, Senior Fellows/Fellows

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May 2016

Rent Seeking by Low-Latency Traders: Evidence from Trading on Macroeconomic Announcements

Tarun CHORDIA, T. Clifton GREEN, Badrinath KOTTIMUKKALUR
Prices of the highly liquid S&P500 exchange traded fund (SPY) and the E-mini future (ES) respond to macroeconomic announcement surprises within five milliseconds, with trading intensity increasing over a hundred-fold following the news release. However, profits from trading quickly are relativel...
Keywords: HFT
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Annual Conference

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Labour Economics

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May 2024

Remotely Productive: The Efficacy of Remote Work for Executives

Ran DUCHIN, Denis SOSYURA
We study the efficacy of remote working arrangements between CEOs and firms. Long-distance CEOs underperform according to operating performance, firm valuation, insider reviews, and announcement returns to CEO departures. These effects are stronger when the CEO lives further away and crosses multipl...
Keywords: CEO, family, private benefits, remote work, commuting
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Senior Fellows/Fellows

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Senior Fellows/Fellows

Remote Work, Employee Mix, and Performance

Cevat Giray AKSOY, Nicholas A. BLOOM, Steven J. DAVIS, Victoria MARINO, Cem ÖZGÜZEL
We study the shift to fully remote work at a large call center in Turkey, highlighting three findings. First, fully remote work increased the share of women, including married women, rural and smaller-town residents. By accessing groups with traditionally lower labor-force participation the firm was...
Keywords: work from home, remote jobs, workforce mix, productivity
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Annual Conference

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Corporate Finance

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May 2021

Regulation-Induced CSR

Rik SEN, Vidhi CHHAOCHHARIA, Jing XU
Under a comply-or-explain framework, the Indian Companies Act of 2013 mandated that companies spend 2% of their profits towards CSR. In response, aggregate CSR spending increased substantially and most firms spent non-trivial amounts. These activities had a substantial real impact. On average, INR 1...
Keywords: CSR spending, Sustainability, Education, India
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