Victor Fleischer (Colorado) presented Do Elite Tax Lawyers Create Value? An Empirical Study of Tax Receivable Agreements at Loyola-L.A. yesterday as part of its Tax Policy Colloquium Series:

This Article examines the adoption and diffusion of Tax Receivable Agreements (TRAs), an innovative contract used in connection with a basis step-up in some IPOs. We describe the development and adoption of TRAs, how the contracts have evolved over time, who uses them, and why. We also conduct a statistical analysis of 1300 IPOs from 2004 to 2011 to identify what factors are correlated with the use of TRAs.

Sarah Lawsky (UC-Irvine) was the commentator.