We analyze investor reactions to the United States Supreme Court decision in (hereafter ), which overturned decades of judicial doctrine related to sales tax nexus. precedent provides a broadening of sales tax nexus and a significant increase in compliance costs. It also levels the playing field by requiring more firms without a physical presence to collect sales tax. We document negative stock market reactions surrounding the date the Supreme Court agreed to hear the case and the date the decision was announced for firms likely to experience increased compliance costs and a decrease in market share. In contrast, we observe positive market reactions for firms likely to benefit from states requiring firms lacking a physical presence to collect sales tax. Additional tests reveal that investments in auditor-provided tax and non-audit services increased, and the accuracy of analyst earnings forecasts decreased for firms most likely negatively affected by the decision. We also show that our sample firms identified as likely to be positively (negatively) affected by experienced increased sales (operating costs) following the decision. Our results reveal that the court-induced expansion of the sales tax nexus doctrine significantly influenced investor perceptions of the costs and benefits for affected firms.

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扩大销售税关系的经济后果：来自股价对 Wayfair 决定的反应的证据

我们分析了投资者对美国最高法院判决的反应，该判决推翻了数十年来与销售税关系相关的司法原则。先例扩大了销售税关系并显着增加了合规成本。它还要求更多没有实体存在的公司征收销售税，从而创造公平的竞争环境。我们记录了最高法院同意审理此案的日期以及为可能面临合规成本增加和市场份额下降的公司宣布决定的日期前后股市的负面反应。相比之下，我们观察到企业可能会受益于国家要求缺乏实体存在的企业征收销售税的积极市场反应。其他测试显示，对审计师提供的税务和非审计服务的投资增加，而对于最有可能受到该决定负面影响的公司来说，分析师盈利预测的准确性下降。我们还表明，我们的样本公司认为，在做出决定后，销售（运营成本）增加可能会受到积极（消极）影响。我们的结果表明，法院引发的销售税关系原则的扩展极大地影响了投资者对受影响公司的成本和收益的看法。