{"id":"https://openalex.org/W4406174087","doi":"https://doi.org/10.1287/mnsc.2024.04750","title":"Investor Perceptions of the Corporate Alternative Minimum Tax","display_name":"Investor Perceptions of the Corporate Alternative Minimum Tax","publication_year":2025,"publication_date":"2025-01-08","ids":{"openalex":"https://openalex.org/W4406174087","doi":"https://doi.org/10.1287/mnsc.2024.04750"},"language":"en","primary_location":{"id":"doi:10.1287/mnsc.2024.04750","is_oa":false,"landing_page_url":"https://doi.org/10.1287/mnsc.2024.04750","pdf_url":null,"source":{"id":"https://openalex.org/S33323087","display_name":"Management Science","issn_l":"0025-1909","issn":["0025-1909","1526-5501"],"is_oa":false,"is_in_doaj":false,"is_core":true,"host_organization":"https://openalex.org/P4310315699","host_organization_name":"Institute for Operations Research and the Management Sciences","host_organization_lineage":["https://openalex.org/P4310315699"],"host_organization_lineage_names":["Institute for Operations Research and the Management Sciences"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Management Science","raw_type":"journal-article"},"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5012887920","display_name":"Fabio B. Gaertner","orcid":"https://orcid.org/0000-0002-8232-4361"},"institutions":[{"id":"https://openalex.org/I135310074","display_name":"University of Wisconsin\u2013Madison","ror":"https://ror.org/01y2jtd41","country_code":"US","type":"education","lineage":["https://openalex.org/I135310074"]}],"countries":["US"],"is_corresponding":true,"raw_author_name":"Fabio B. Gaertner","raw_affiliation_strings":["Department of Accounting and Information Systems, University of Wisconsin\u2013Madison, Madison, Wisconsin 53706"],"affiliations":[{"raw_affiliation_string":"Department of Accounting and Information Systems, University of Wisconsin\u2013Madison, Madison, Wisconsin 53706","institution_ids":["https://openalex.org/I135310074"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5088891307","display_name":"Jeffrey L. Hoopes","orcid":"https://orcid.org/0000-0003-1633-2061"},"institutions":[{"id":"https://openalex.org/I114027177","display_name":"University of North Carolina at Chapel Hill","ror":"https://ror.org/0130frc33","country_code":"US","type":"education","lineage":["https://openalex.org/I114027177"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Jeffrey L. Hoopes","raw_affiliation_strings":["Accounting Area, University of North Carolina at Chapel Hill, Chapel Hill, North Carolina 27599"],"affiliations":[{"raw_affiliation_string":"Accounting Area, University of North Carolina at Chapel Hill, Chapel Hill, North Carolina 27599","institution_ids":["https://openalex.org/I114027177"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5093228596","display_name":"Stacie O. Kelley","orcid":null},"institutions":[{"id":"https://openalex.org/I135310074","display_name":"University of Wisconsin\u2013Madison","ror":"https://ror.org/01y2jtd41","country_code":"US","type":"education","lineage":["https://openalex.org/I135310074"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Stacie O. Kelley","raw_affiliation_strings":["Department of Accounting and Information Systems, University of Wisconsin\u2013Madison, Madison, Wisconsin 53706"],"affiliations":[{"raw_affiliation_string":"Department of Accounting and Information Systems, University of Wisconsin\u2013Madison, Madison, Wisconsin 53706","institution_ids":["https://openalex.org/I135310074"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5087635457","display_name":"Max Pflitsch","orcid":"https://orcid.org/0000-0001-8993-9396"},"institutions":[{"id":"https://openalex.org/I200332995","display_name":"TU Dortmund University","ror":"https://ror.org/01k97gp34","country_code":"DE","type":"education","lineage":["https://openalex.org/I200332995"]}],"countries":["DE"],"is_corresponding":false,"raw_author_name":"Max Pflitsch","raw_affiliation_strings":["Fakult\u00e4t Wirtschaftswissenschaften, International Business Taxation, TU Dortmund University, 44221 Dortmund, Germany"],"affiliations":[{"raw_affiliation_string":"Fakult\u00e4t Wirtschaftswissenschaften, International Business Taxation, TU Dortmund University, 44221 Dortmund, Germany","institution_ids":["https://openalex.org/I200332995"]}]}],"institutions":[],"countries_distinct_count":2,"institutions_distinct_count":4,"corresponding_author_ids":["https://openalex.org/A5012887920"],"corresponding_institution_ids":["https://openalex.org/I135310074"],"apc_list":null,"apc_paid":null,"fwci":4.0146,"has_fulltext":false,"cited_by_count":2,"citation_normalized_percentile":{"value":0.89211361,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":{"min":89,"max":95},"biblio":{"volume":"71","issue":"9","first_page":"7800","last_page":"7820"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T11508","display_name":"Corporate Taxation and Avoidance","score":0.9998999834060669,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T11508","display_name":"Corporate Taxation and Avoidance","score":0.9998999834060669,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11257","display_name":"Taxation and Compliance Studies","score":0.9958999752998352,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10081","display_name":"Auditing, Earnings Management, Governance","score":0.9926999807357788,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/corporate-tax","display_name":"Corporate tax","score":0.6418247222900391},{"id":"https://openalex.org/keywords/business","display_name":"Business","score":0.49796032905578613},{"id":"https://openalex.org/keywords/investor-relations","display_name":"Investor relations","score":0.4535759687423706},{"id":"https://openalex.org/keywords/economics","display_name":"Economics","score":0.414616197347641},{"id":"https://openalex.org/keywords/accounting","display_name":"Accounting","score":0.34480661153793335},{"id":"https://openalex.org/keywords/double-taxation","display_name":"Double taxation","score":0.3113855719566345},{"id":"https://openalex.org/keywords/tax-avoidance","display_name":"Tax avoidance","score":0.29151004552841187},{"id":"https://openalex.org/keywords/finance","display_name":"Finance","score":0.22278499603271484},{"id":"https://openalex.org/keywords/marketing","display_name":"Marketing","score":0.22251379489898682},{"id":"https://openalex.org/keywords/strategic-management","display_name":"Strategic management","score":0.14622947573661804}],"concepts":[{"id":"https://openalex.org/C2779836051","wikidata":"https://www.wikidata.org/wiki/Q645011","display_name":"Corporate tax","level":4,"score":0.6418247222900391},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.49796032905578613},{"id":"https://openalex.org/C2779602196","wikidata":"https://www.wikidata.org/wiki/Q745129","display_name":"Investor relations","level":3,"score":0.4535759687423706},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.414616197347641},{"id":"https://openalex.org/C121955636","wikidata":"https://www.wikidata.org/wiki/Q4116214","display_name":"Accounting","level":1,"score":0.34480661153793335},{"id":"https://openalex.org/C51303962","wikidata":"https://www.wikidata.org/wiki/Q1242836","display_name":"Double taxation","level":2,"score":0.3113855719566345},{"id":"https://openalex.org/C514942387","wikidata":"https://www.wikidata.org/wiki/Q329303","display_name":"Tax avoidance","level":3,"score":0.29151004552841187},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.22278499603271484},{"id":"https://openalex.org/C162853370","wikidata":"https://www.wikidata.org/wiki/Q39809","display_name":"Marketing","level":1,"score":0.22251379489898682},{"id":"https://openalex.org/C86275758","wikidata":"https://www.wikidata.org/wiki/Q376657","display_name":"Strategic management","level":2,"score":0.14622947573661804}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.1287/mnsc.2024.04750","is_oa":false,"landing_page_url":"https://doi.org/10.1287/mnsc.2024.04750","pdf_url":null,"source":{"id":"https://openalex.org/S33323087","display_name":"Management Science","issn_l":"0025-1909","issn":["0025-1909","1526-5501"],"is_oa":false,"is_in_doaj":false,"is_core":true,"host_organization":"https://openalex.org/P4310315699","host_organization_name":"Institute for Operations Research and the Management Sciences","host_organization_lineage":["https://openalex.org/P4310315699"],"host_organization_lineage_names":["Institute for Operations Research and the Management Sciences"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Management Science","raw_type":"journal-article"}],"best_oa_location":null,"sustainable_development_goals":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":34,"referenced_works":["https://openalex.org/W1483106487","https://openalex.org/W1986187321","https://openalex.org/W2094518471","https://openalex.org/W2106507656","https://openalex.org/W2121419131","https://openalex.org/W2154398438","https://openalex.org/W2170694901","https://openalex.org/W2326998660","https://openalex.org/W2807368388","https://openalex.org/W2966726953","https://openalex.org/W3018760502","https://openalex.org/W3121280475","https://openalex.org/W3121685591","https://openalex.org/W3122293987","https://openalex.org/W3122547505","https://openalex.org/W3122583249","https://openalex.org/W3122808297","https://openalex.org/W3123004048","https://openalex.org/W3123872135","https://openalex.org/W3124170598","https://openalex.org/W3124538093","https://openalex.org/W3124963926","https://openalex.org/W3125020475","https://openalex.org/W3125186710","https://openalex.org/W3125308317","https://openalex.org/W3125438718","https://openalex.org/W3197925113","https://openalex.org/W4212952816","https://openalex.org/W4225510467","https://openalex.org/W4282937630","https://openalex.org/W4368363520","https://openalex.org/W4385428246","https://openalex.org/W4385970672","https://openalex.org/W4396744052"],"related_works":["https://openalex.org/W4391375266","https://openalex.org/W1511376420","https://openalex.org/W2036240049","https://openalex.org/W2258925092","https://openalex.org/W3215665278","https://openalex.org/W4205429801","https://openalex.org/W3044263680","https://openalex.org/W2269913727","https://openalex.org/W1601072285","https://openalex.org/W2966725594"],"abstract_inverted_index":{"The":[0,264],"Inflation":[1],"Reduction":[2],"Act":[3],"establishes":[4],"a":[5,184,227],"new":[6],"15%":[7],"corporate":[8,189],"minimum":[9,23,86,190],"tax":[10,24,45,65,139,163,191],"on":[11,120,161],"the":[12,22,58,81,84,102,117,138,162,188,216,231,244,257],"adjusted":[13],"financial":[14],"accounting":[15,40],"income":[16],"for":[17,155],"large":[18],"U.S.":[19],"corporations.":[20],"Although":[21],"is":[25],"estimated":[26],"to":[27,42,60,80,129,136,150,159,164,175,182,192],"raise":[28],"$222":[29],"billion":[30],"over":[31],"10":[32],"years,":[33],"some":[34],"fear":[35],"firms":[36,92,100,133,156,174,196],"will":[37,66],"manipulate":[38],"their":[39,44],"earnings":[41,141],"reduce":[43,67],"liabilities,":[46],"resulting":[47],"in":[48],"less":[49,152],"revenue":[50,122],"raised.":[51],"Using":[52],"an":[53],"event":[54],"study,":[55],"we":[56,127],"examine":[57,71],"extent":[59],"which":[61],"investors":[62,170],"believe":[63],"this":[64,177],"firm":[68,108],"value.":[69],"We":[70,147],"stock":[72,96],"market":[73],"reactions":[74],"around":[75],"key":[76],"legislative":[77],"developments":[78],"leading":[79],"enactment":[82,103],"of":[83,107,187,226,230],"book":[85],"tax.":[87,178],"Our":[88],"findings":[89,113],"show":[90],"targeted":[91],"experience":[93,143],"significantly":[94],"lower":[95],"returns":[97,154],"than":[98],"nontargeted":[99],"during":[101],"process":[104],"(about":[105],"1.4%\u20131.8%":[106],"value).":[109],"In":[110,124],"aggregate,":[111],"our":[112,167],"are":[114,267],"consistent":[115],"with":[116],"Joint":[118],"Committee":[119],"Taxation\u2019s":[121],"estimates.":[123],"cross-sectional":[125],"tests,":[126],"fail":[128,149],"find":[130,151],"evidence":[131],"that":[132],"most":[134,157],"likely":[135,158],"avoid":[137,176],"via":[140],"management":[142],"more":[144],"positive":[145],"returns.":[146],"also":[148],"negative":[153],"pass":[160],"consumers.":[165],"Overall,":[166],"results":[168],"suggest":[169],"do":[171],"not":[172],"expect":[173,183],"Instead,":[179],"they":[180],"appear":[181],"significant":[185],"portion":[186],"be":[193],"remitted":[194],"by":[195,199,205],"and":[197,218,249],"borne":[198],"shareholders.":[200],"This":[201],"paper":[202],"was":[203],"accepted":[204],"Ranjani":[206],"Krishnan,":[207],"accounting.":[208],"Funding:":[209],"F.":[210],"B.":[211],"Gaertner":[212],"acknowledges":[213,224,241,254],"support":[214,225,242,255],"from":[215,243,256],"Cynthia":[217],"Jay":[219],"Ihlenfeld":[220],"Professorship,":[221],"M.":[222],"Pflitsch":[223],"postdoc":[228],"fellowship":[229],"German":[232],"Academic":[233],"Exchange":[234],"Service":[235],"(DAAD),":[236],"S.":[237],"O.":[238],"Kelley":[239],"gratefully":[240,253],"James":[245],"L.":[246,251],"Henderson":[247],"Chair,":[248],"J.":[250],"Hoopes":[252],"Harold":[258],"Q.":[259],"Langenderfer":[260],"fellowship.":[261],"Supplemental":[262],"Material:":[263],"data":[265],"files":[266],"available":[268],"at":[269],"https://doi.org/10.1287/mnsc.2024.04750":[270],".":[271]},"counts_by_year":[{"year":2025,"cited_by_count":1},{"year":2021,"cited_by_count":1}],"updated_date":"2025-11-06T03:46:38.306776","created_date":"2025-10-10T00:00:00"}