We analyze the effects of the major US tax reform of 2017 on European firms. Although foreign firms that are active in the respective country should be directly affected, other foreign firms could also be indirectly affected through competition. With an event study design, we analyze stock market returns in Europe around key dates in the legislative process leading to the Tax Cuts and Jobs Act. We find positive market returns for the European firms that are active in the United States. Moreover, our results suggest an indirect effect through competition. European firms that face strong competition from US firms in their domestic markets exhibit significantly lower returns.

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重大税收改革的跨境效应——来自欧洲股市的证据

我们分析了 2017 年美国重大税收改革对欧洲公司的影响。虽然在各自国家活跃的外国公司应该受到直接影响，但其他外国公司也可能通过竞争受到间接影响。通过事件研究设计，我们分析了在导致《减税和就业法案》的立法过程中的关键日期前后欧洲的股票市场回报。我们发现活跃在美国的欧洲公司的市场回报为正。此外，我们的结果表明通过竞争产生间接影响。在国内市场面临来自美国公司的激烈竞争的欧洲公司表现出明显较低的回报。