“…Policymakers around the world frequently change corporate taxes or payout taxes to spur economic growth (e.g. Djankov, Ganser, McLiesh, Ramalho & Shleifer, 2010;Becker, Jacob & Jacob, 2013;Yagan, 2015;Alstadsaeter, Jacob & Michaely, 2017;Jacob, Müller & Michaely, 2017;Giroud & Rauh, 2017;Patel, Seegert & Smith, 2017). Empirical tax research may inform policymakers whether the intended goals are met.…”