The authors thank Brian Bushee (the editor), the associate editor, two anonymous reviewers; the Tax Group at WHU Otto Beisheim School of Management; participants at the European Accounting Symposium for Young Scholars online workshop; the 2021 annual meeting of the American Accounting Association; the 2021 meeting of the Accounting and Finance Association of Australia and New Zealand; the Muenster workshop on bank research; the 2021 annual meeting of the Southwestern Finance Association; the 2021 annual meeting of the European Accounting Association; the NHH Bergen and Paderborn University research seminars; and Kathleen Andries, Elia Ferracuti, Vanessa Flagmeier, Martin Jakob, Daniel Lynch, Werner Neus, Jens Müller, Linda Myers, Caren Sureth-Sloane, Humnath Panta (discussant), Caspar Peter, and Jochen Pierk. Parts of this paper were written while J. Riepe was visiting Paderborn University.
