Summaries of Papers In This Issue.

On average, firms with patents enjoy up to 7.0 percent lower ETRs, with the most significant tax benefits accruing to multinational firms compared to domestic firms. We find that companies engaging in greater tax avoidance before the TCJA, companies subject to greater media scrutiny, and companies headquartered in Democratic states are more likely to overstate than understate initial transition tax estimates, possibly to appear as though they pay their fair share of tax. Specifically, we find that relative to unaffected U.S. firms, affected firms experience a decrease in leverage of about 7.6 percent of assets, corresponding to about $330 million per firm and $84.8 billion for the treatment sample of 257 firms. Sarah Khalil, Miles Romney, and Steven Utke Goodwill is a large and important component of firms' balance sheets, and goodwill impairments are costly to firms. [Extracted from the article]