Should Congestion Tolls be Set by the Government or by the Private Sector? The Knight–Pigou Debate Revisited

Nathan Seegert, and Stephen Salant, 2019.
In a study that uses a large, newly-available administrative dataset on U.S. corporate tax filings, the authors find that U.S. firms are more sensitive to changes in corporate income tax rate than previous studies suggest and that lowering the corporate tax rate from 35% to 25% would increase firm value by 16%. [download pdf]