Tax-Favored Stock Donations by Corporate Insiders and Consequences for Equity Markets

The authors thank Ranjani Krishnan (Department Editor), an anonymous Associate Editor, and two anonymous referees for valuable feedback and guidance. The authors also thank Tyler Atanasov, Jeremy Bertomeu, Judson Caskey, Nicolas Duquette, Paul Fischer, Henry Friedman, Hans Frimor, Brian Galle, Jon Glover, Phil Hackney, Mirko Heinle, Eunhee Kim, Beatrice Michaeli, Richard Sansing, Richard Saouma, Xiaoli Tian, Hao Xue, Yun Zhang, and the workshop participants at George Washington University, HKUST, Purdue Accounting Theory Conference, and Texas A&M University for helpful comments. Anil Arya and Brian Mittendorf are grateful for the support of the John J. Gerlach Chair and Fisher Designated Professorship, respectively. Coauthor Ram N. V. Ramanan has two current affiliations: Binghamton University, Binghamton, New York 13902; and Indian School of Business, Hyderabad, Telangana 500 111, India.