NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Sharing Risk with the Government: How Taxes Affect Corporate Risk Taking

Alexander Ljungqvist, Liandong Zhang, Luo Zuo

NBER Working Paper No. 21834
Issued in December 2015, Revised in January 2017

---- Acknowledgements ----

Previously circulated as "Sharing Risk with the Government: On the Causal Effects of Taxes on Corporate Risk-Taking." We gratefully acknowledge helpful comments from two anonymous reviewers, Morten Bennedsen, Nathan Goldman, Abhiroop Mukherjee, and Stefan Zeume (our discussants), Eli Bartov, Sanjeev Bhojraj, Robert Bloomfield, Agnes Cheng, Robert Engle, Michelle Hanlon, Shane Heitzman, Sudarshan Jayaraman, Andrew Karolyi, Anne Marie Knott, Clive Lennox, Ji-Chai Lin, Kenneth Merkley, Jeffrey Ng, Joseph Piotroski, Mark Soliman, K.R. Subramanyam, Ross Watts, John Wei, Haibin Wu, Eric Yeung, Paul Zarowin, and Zilong Zhang, as well as participants at various seminars and conferences. We thank Charles Choi and Chuchu Liang for competent research assistance. Zuo gratefully acknowledges generous financial support from the Institute for the Social Sciences at Cornell University. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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