Michael Williams

Assistant Professor

Anderson School, UCLA

 

Currently, my research focuses on how taxes affect financial market equilibrium. This includes how taxes affect asset prices (tax capitalization), relative asset returns (implicit taxes), and corporate financial decisions (capital structure and payout policy), and how taxes interact with risk. This includes both theoretical modeling and empirical tests of these models.

 

My current working papers:

 "Taxes and Risk in Financial Markets: A Separation Result"

 "Tax Clienteles and Implicit Taxes: Interaction of Multiple Clienteles in Financial Markets"

 "Tax Capitalization in Stock Prices: Theory and Evidence on the Interaction between Distribution Policy and Tax Rates"

 "Evidence of Implicit Taxes on Equity Using Data from Futures Markets to Control for Risk" (with D. Aboody)

 "Debt, Equity, and Taxes" (with D. Kemsley)

 "Investment Clienteles, Implicit Taxes, and Asset Prices" (with D. Kemsley)

 "Incentives for Public Disclosure by Corporate Insiders" (with S. Huddart and J. S. Hughes)

 "Public Disclosure of Forward Contracts and Revelation of Proprietary Information" (with J. S. Hughes and J. L. Kao)

 

My publications:

 "Effects of Unitary vs. Nonunitary State Income Taxes on Interstate Resource Allocation: Some Analytical and Simulation Results," (with C. W. Swenson and T. L. Lease), Journal of the American Taxation Association, Spring 2001

 "Purchase vs. Pooling in Stock-for-stock Acquisitions: Why Do Firms Care?" (with D. Aboody and R. Kasznik), Journal of Accounting and Economics, June 2000

 "A Model of Corporate Rent Seeking through Tax Legislation," (with C. W. Swenson), Journal of Accounting and Public Policy, Winter 1999

 "Stock Index Futures: Implications for International Capital Taxation," Journal of International Money and Finance, June 1996

 "Global Warming and Carbon Taxation: Optimal Policy and the Role of Administration Costs," Energy Economics, October 1995

 "Incidence Effects of a State Fiscal Policy Shift: The Florio Initiatives in New Jersey," (with D. F. Bradford and W. T. Bogart), National Tax Journal, December 1992