How Do Managers and Shareholders Respond to Taxation? An Analysis of the Introduction of the UK Real Estate Investment Trust Legislation

The authors would like to thank the following for helpful comments and suggestions: anonymous reviewers, Associate Editor, Editor in Chief, Alan Goodacre, Lynn Hodgkinson, Joanne Horton, Keith Hughton, Richard Jackson, Gerhard Kling, Mike Peel, David Stopforth, Mark Tippett, seminar participants at: Bangor University, Gregynog Accounting and Finance Research Colloquium, EIASM Workshop on Current Research in Taxation, UNSW Tax Administration Conference, Tax Research Network Annual Conference, and Oxford University Centre for Business Taxation, two sell side equity analysts and head of tax at a UK quoted multinational group. Special thanks to Sisi Ji and Zheyi Zhu for assistance with programming. The authors would also like to gratefully acknowledge academic research funding provided by the Institute of Chartered Accountants in England and Wales’ charitable trusts.