股票市场指数化对公司tax avoidance的影响
The effect of stock market indexing on corporate tax avoidance
摘要：
罗素1000和2000指数的成员资格是基于5月份的市价总值排名。每个指数都是单独的价值加权，这样罗素2000指数内的公司在规模上与罗素1000指数外的公司（即罗素1000指数的底部）相当，但指数权重要高得多。这些功能允许这些指数的年度重组被用作回归不连续设计的一部分，以确定股票市场指数化的影响。运用这一设计，我研究了股票市场指数化是否会影响企业避税。我没有发现任何证据表明，罗素2000指数内的公司与罗素2000指数外的公司有显著不同的有效税率。
英文摘要：
Membership in the Russell 1000 and 2000 Indices is based on a ranking of market capitalization in May. Each index is separately value weighted such that firms just inside the Russell 2000 are comparable in size to firms just outside (i.e. at the bottom of the Russell 1000) but have much higher index weights. These features allow for the the annual reconstitution of these indices to be used as part of a regression discontinuity design to identify the effect of stock market indexing. Using this design, I investigate whether stock market indexing affects corporate tax avoidance. I find no evidence that firms just inside the Russell 2000 have significantly different effective tax rates than firms just outside.
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