Naveen Jindal School of Management | Finance
University of Texas at Dallas
I'm a Finance PhD candidate at the University of Texas at Dallas. My research focuses on empirical corporate finance.
I received a Bachelor of Science in Finance summa cum laude from the University of South Florida Sarasota-Manatee in 2013, and was awarded the distinction of Outstanding Senior in Finance. I then received a Master of Science in Finance from the University of South Florida in 2015.
Tax Avoidance through Cross-Border Mergers and Acquisitions
with Jean-Marie Meier
We investigate 13,458 cross-border, tax-haven mergers and acquisitions (M&A) from 1990 to 2017, totaling $4.2 trillion in deal value. These M&A result in $32.9 billion in recurring annual tax avoidance. $2.4 trillion of haven M&A is beyond what is predicted based on a gravity model with economic fundamentals. Moreover, we improve the measurement of a key data item in tax research–a firm’s tax residence–through a novel algorithm that embeds the residency laws of 150 countries and the associated tie-breaking provisions. We reassign the tax residence of a considerable fraction of firms relative to standard assignments.
Paris December 2021 Finance Meeting, online (scheduled)
2021 FOM Conference, Hanover (scheduled)
7th IWH-FIN-FIRE Workshop on "Challenges to Financial Stability," Halle (Saale)
China International Conference in Finance 2021, Shanghai
SFS Cavalcade 2021, online
Midwest Finance Association 2021, online
Journal of Law, Finance, and Accounting 2020, online
European Economic Association 2020, online
10th EIASM Conference on Current Research in Taxation, online
American Economic Association 2021, online
The COVID-19 Bailouts
We use hand-collected data to investigate the COVID-19 bailouts for all publicly listed US firms. The median tax rate is 4% for bailout firms and 16% for no-bailout firms. The bailouts are expensive when compared to past corporate income tax payments of the bailout firms. We compute the number of years a bailout recipient has to pay corporate income tax to generate as much tax revenue as it received in bailouts: 135.0 years for the Paycheck Protection Program and 267.9 years for the airline bailouts. We also document a dark side of the bailouts. For many firms, the bailouts appear to be a windfall. Numerous bailout recipients made risky financial decisions, so bailing them out might induce moral hazard. Moreover, lobbying expenditures positively predict the bailout likelihood and amount.
American Economic Association 2022, online (scheduled)