题　目：U.S. Tax Reform and International Trade

嘉　宾：Travis Chow 副教授 香港大学

主持人：万相伟 副教授 上海交通大学安泰经济与管理

时　间：2026年6月3日（周三）13:30-15:00

地　点：上海交通大学 徐汇校区安泰浩然楼306

内容简介:

We examine how U.S. tax reform affects U.S. firms’ international trade flows. The Tax Cuts and Jobs Act of 2017 fundamentally reformed U.S. international tax policy, with the stated objective of improving U.S. competitiveness and exports. We evaluate whether this tax reform achieved the objective of increasing U.S. exports. To do so, we examine firm-level shipping container data, which allow us to measure physical goods exports independent of transfer pricing changes that can distort nominal trade flows. Using a difference-in-differences approach, we find that after the tax reform, U.S. firms that are more exposed to changes in international tax provisions significantly increase their exports relative to less‑exposed firms. A cross-sectional analysis shows that the effects are stronger for firms with high pre-tax profitability, high innovation, and low shipping costs, consistent with the changes in tax incentives being the underlying mechanism. Finally, we find no evidence of shifts in real production activities or outsourcing of domestic production. Our study offers the first empirical evidence about how this tax reform affected U.S. firms’ international trade flows.

演讲人简介：

Dr. Travis Chow’s research focuses on how taxes affect corporate and individual decision-making and has appeared in top accounting, finance, and insurance journals, including The Accounting Review, Journal of Accounting Research, Contemporary Accounting Research, Management Science, Journal of Financial and Quantitative Analysis, Journal of Risk and Insurance, and Auditing: A Journal of  Theory and Practice. He is a member of the Editorial Board of the Journal of the American Taxation Association. Before pursuing his doctoral studies, he worked as an economic analyst in Toronto.

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