Jennifer Blouin

• Jennifer Blouin, Brian Bushee, Stephanie Sikes (Forthcoming), Measuring Tax-Sensitive Institutional Ownership. Abstract

  We classify all institutional investors that file Form 13F over the period 1995–2013 as either “tax-sensitive” or “tax-insensitive” based on their trading behavior and portfolio characteristics. We examine tests of the effects of investor tax-sensitivity on portfolio rebalancing, price pressure, and fund performance, and compare our measure of tax-sensitive institutional investor ownership to three measures used in prior studies. We show that our measure of tax-sensitive investors dominates other measures in the portfolio rebalancing and price pressure tests. In the fund performance test, our measure of tax-sensitivity is the only one that finds that tax-sensitive investors have significantly lower returns on their portfolio stocks, which is a new result in the literature.

• Jennifer Blouin, Linda K. Krull, Leslie Robinson (Work In Progress), The investment implications of permanently reinvested earnings.
• Jennifer Blouin, Linda K. Krull, Leslie Robinson (Under Review), The location and composition of permanently reinvested earnings.
• Jennifer Blouin, H. Huizinga, L. Laeven, G. Nicodeme (Under Review), Thin Capitalization Rules and Multinational Firm Capital Structure.
• Terrence Blackburne and Jennifer Blouin (Work In Progress), Understanding the Informativeness of Book-Tax Differences.
• Jennifer Blouin, Leslie Robinson, Jeri Seidman (Under Review), Coordination of Transfer Prices on Intra-Firm Trade.
• Jennifer Blouin and Linda K. Krull (Work In Progress), Does Organizational Form Affect Firms’ Foreign Operations? The Role of “Check-theBox” on Multinational Tax Planning?.
• Karthik Balakrishnan, Jennifer Blouin, Wayne Guay (Under Review), Does Tax Aggressiveness Reduce Financial Reporting Transparency?.
• Jennifer Blouin, M Devereux, D. Shackelford (Work In Progress), Investment, Tax Uncertainty, and Aggressive Tax Avoidance.
• Jennifer Blouin and Bryan Cloyd (Work In Progress), Price Pressure from Dividend Reinvestment Activity: Evidence from Closed-End Funds.
• All Research from Jennifer Blouin »

Current Courses

• ACCT9420 - Research In Accounting Iii

  This is Part III of a theoretical and empirical literature survey sequence covering topics that include corporate disclosure, cost of capital, incentives, compensation, governance, financial intermediation, financial reporting, tax, agency theory, cost accounting, capital structure, international financial reporting, analysts, and market efficiency. Please contact the accounting doctoral coordinator for information on the specific upcoming modules/topics that will be taught.

  ACCT9420301 ( Syllabus )

Past Courses

• ACCT2970 - Taxes and Bus Strategy

  The objective of this course is to develop a framework for understanding how taxes affect business decisions. The key themes of the framework - all parties, all taxes and all costs - are applied to decision contexts such as investments, compensation, organizational form, and mergers and acquisitions. The ultimate goal is to provide a new approach to thinking about taxes that will be valuable even as laws and governments change. If ACCT 2970 is not offered in a given year, Undergraduate students interested in ACCT 2970 will need to submit a permission request through Path. Please submit your request in Acct 7970. All prerequisites need to be completed in order to receive a permit. Also this class will follow the MBA calendar.

• ACCT7970 - Taxes and Bus Strategy

  The objective of this course is to develop a framework for understanding how taxes affect business decisions. Traditional finance and strategy courses do not consider the role of taxes. Similarly, traditional tax courses often ignore the richness of the decision context in which tax factors operate. The key themes of the framework - all parties, all taxes and all costs - are applied to decision contexts such as investments, compensation, organizational form, regulated industries, financial instruments, tax-sheltered investments, mergers and acquisitions, multinational, and multistate. The ultimate goal is to provide a new approach to thinking about taxes (and all forms of government intervention) that will be valuable even as laws and governments change.

• ACCT8970 - Taxes and Bus Strategy

  The objective of this course is to develop a framework for understanding how taxes affect business decisions. Traditional finance and strategy courses do not consider the role of taxes. Similarly, traditional tax courses often ignore the richness of the decision context in which tax factors operate. The key themes of the framework - all parties, all taxes and all costs - are applied to decision contexts such as investments, compensation, organizational form, regulated industries, financial instruments, tax-sheltered investments, mergers and acquisitions, multinational, and multistate. The ultimate goal is to provide a new approach to thinking about taxes (and all forms of government intervention) that will be valuable even as laws and governments change.

• ACCT9420 - Research in Acct IIi

  This is Part III of a theoretical and empirical literature survey sequence covering topics that include corporate disclosure, cost of capital, incentives, compensation, governance, financial intermediation, financial reporting, tax, agency theory, cost accounting, capital structure, international financial reporting, analysts, and market efficiency. Please contact the accounting doctoral coordinator for information on the specific upcoming modules/topics that will be taught.

• ACCT9430 - Research in Acct Iv

  This is Part IV of a theoretical and empirical literature survey sequence covering topics that include corporate disclosure, cost of capital, incentives, compensation, governance, financial intermediation, financial reporting, tax, agency theory, cost accounting, capital structure, international financial reporting, analysts, and market efficiency. Please contact the accounting doctoral coordinator for information on the specific upcoming modules/topics that will be taught.

• FNCE2970 - Taxes and Bus Strategy

  The objective of this course is to develop a framework for understanding how taxes affect business decisions. The key themes of the framework - all parties, all taxes and all costs - are applied to decision contexts such as investments, compensation, organizational form, and mergers and acquisitions. The ultimate goal is to provide a new approach to thinking about taxes that will be valuable even as laws and governments change. If ACCT 2970 is not offered in a given year, Undergraduate students interested in ACCT 2970 will need to submit a permission request through Path. Please submit your request in Acct 7970. All prerequisites need to be completed in order to receive a permit. Also this class will follow the MBA calendar.

• FNCE7970 - Taxes and Bus Strategy

  The objective of this course is to develop a framework for understanding how taxes affect business decisions. Traditional finance and strategy courses do not consider the role of taxes. Similarly, traditional tax courses often ignore the richness of the decision context in which tax factors operate. The key themes of the framework - all parties, all taxes and all costs - are applied to decision contexts such as investments, compensation, organizational form, regulated industries, financial instruments, tax-sheltered investments, mergers and acquisitions, multinational, and multistate. The ultimate goal is to provide a new approach to thinking about taxes (and all forms of government intervention) that will be valuable even as laws and governments change.

• WH2990 - Honors Thesis

  This seminar takes place over two semesters and provides students with the skills to perform their own research under the guidance of a Wharton faculty member. At the conclusion of the fall semester, students will produce a thesis proposal including literature review, significance of the research, methodology, and exploratory data if relevant. Throughout the fall semester faculty guests from a range of disciplines will present on their research in class, highlighting aspects that are relevant to the work students are engaging in at that point. During the second semester, students will collect and analyze data and write up the results in close collaboration with their faculty mentor. At the end of the spring semester, each student will present their research in a video presentation. Throughout the course, students will work individually, in small groups, and under the mentorship of a Wharton faculty member. The goal is to becomes capable independent researchers who incorporate feedback and critical (self-) analysis to take their research to the next level.

• WH3990 - Honors Thesis

  This seminar takes place over two semesters and provides students with the skills to perform their own research under the guidance of a Wharton faculty member. At the conclusion of the fall semester, students will produce a thesis proposal including literature review, significance of the research, methodology, and exploratory data if relevant. Throughout the fall semester faculty guests from a range of disciplines will present on their research in class, highlighting aspects that are relevant to the work students are engaging in at that point. During the second semester, students will collect and analyze data and write up the results in close collaboration with their faculty mentor. At the end of the spring semester, each student will present their research in a video presentation. Throughout the course, students will work individually, in small groups, and under the mentorship of a Wharton faculty member. The goal is to becomes capable independent researchers who incorporate feedback and critical (self-) analysis to take their research to the next level.

• Penn Fellow, 2014
• Jacob Levy Center Research Grant, 2014
• MBA Excellence in Teaching Award, 2014
• Rodney L. White Center for Financial Research Grant, 2010
• MBA Teaching Commitment and Curricular Innovation Awards, 2010
• American Taxation Association Tax Manuscript Award, 2010
• Global Initiatives Fellowship, 2009
• Golub Faculty Scholar, 2009
• International Tax Policy Forum Research Grant, 2009
• Terker Research Fellowship, 2008
• Educational Foundation for Women in Accounting Doctoral Fellowship, 2002
• AAA Doctoral Consortium Fellow, 2000
• KPMG Peat Marwick Doctoral Scholarship, 1998
• AICPA Minority Doctoral Fellow, 1998

• U.S. Companies Are Stashing $2.1 Trillion Overseas to Avoid Taxes, Bloomberg Business - 03/04/2015
• What Icahn Thinks Investors Are Missing in Apple’s Earnings, The Wall Street Journal - 02/18/2015
• If you had a bank account in the Cayman Islands, why would you pay taxes on it?, Quartz - 06/06/2013
• Apple chief calls on US government to slash US corporate tax, The Guardian - 05/21/2013
• Why Fantastically Wealthy Apple Is Borrowing Money, Wired - 05/01/2013
• All Eyes on Foreign Earnings, CFO.com - 12/15/2012
• Tax Incentive Helps Multinationals Repatriate 20% Less, Study Finds, CFO.com - 11/12/2012
• Tasting Three Flavors of Tax Software, New York Times - 02/13/2011

Knowledge @ Wharton

• How Dynamic Electricity Pricing Can Improve Market Efficiency, Knowledge @ Wharton - 11/12/2024
• Is Algorithmic Management Too Controlling?, Knowledge @ Wharton - 11/12/2024
• The Hidden Cost of AI Energy Consumption, Knowledge @ Wharton - 11/12/2024
• Charitable and Political Giving | Pinar Yildirim, Knowledge @ Wharton - 11/12/2024
• The Future of Banking, Knowledge @ Wharton - 11/11/2024
• Election Statistics, Knowledge @ Wharton - 11/06/2024
• Robots Are Taking Over Low-skilled Jobs — and Changing Votes, Knowledge @ Wharton - 11/05/2024
• Crypto Politics: Liberals’ and Conservatives’ Confidence in Cryptocurrencies, Knowledge @ Wharton - 11/05/2024
• Leadership and Elections | Mike Useem, Knowledge @ Wharton - 11/05/2024
• Automation Is Harming Low-skilled Workers and Possibly Their Voting Preferences, Knowledge @ Wharton - 11/01/2024