Daniel G. Garrett

Daniel G. Garrett
  • Assistant Professor of Finance

Contact Information

  • office Address:

    2300 Steinberg-Dietrich Hall
    3620 Locust Walk
    Philadelphia, PA 19104

Research Interests: Public Finance, Financial Intermediation, Corporate Finance, Taxation

Links: CV, Personal Website

Research

  • Daniel Garrett, Eric Ohrn, Juan Carlos Suarez Serrato (2020), Tax Policy and Local Labor Market Behavior, American Economic Review: Insights, 2 (1), pp. 83-100. 10.1257/aeri.20190041

    Abstract: Since 2002, the US government has encouraged business investment using accelerated depreciation policies that significantly reduce investment costs. We provide the first in-depth analysis of this stimulus on employment and earnings. Our local labor markets approach exploits cross-industry variation in policy generosity interacted with county-level industry location data. This strategy identifies the partial equilibrium effects of accelerated depreciation. Places that experience larger decreases in investment costs see an increase in employment and earnings. In contrast, the policy does not have positive effects on earnings-per-worker. Overall, our findings suggest federal corporate tax policy has large effects on local labor markets.

  • Daniel Garrett and Juan Carlos Suarez Serrato (2019), How Elastic is the Demand for Tax Havens? Evidence from the US Possessions Corporations Tax Credit, AEA Papers and Proceedings, 109, pp. 493-499. 10.1257/pandp.20191044

    Abstract: Why do some firms adopt certain tax havens and how sensitive is the demand for tax havens? We address these questions by studying how the repeal of Section 936 tax credits affected firms with affiliates in Puerto Rico. We first describe the characteristics of US multinationals that were exposed to Section 936. We then show that the market value of exposed firms decreased after losing access to Section 936, implying that firms could not perfectly substitute to other tax havens. Finally, we find that firms exposed to Section 936 did not respond by expanding their network of tax havens.

Teaching

Current Courses

  • FNCE203 - Advanced Corp Finance

    The objective of this course is to study the major decision-making areas of managerial finance and some selected topics in financial theory. The course reviews the theory and empirical evidence related to the investment and financing policies of the firm and attempts to develop decision-making ability in these areas. This course serves as an extension of FNCE 100 (FNCE 611). Some are as of financial management not covered in FNCE 100 are covered in FNCE 203. These may include leasing, mergers and acquisitions, corporate reorganizations, financial planning and working capital management, and some other selected topics. Other areas that are covered in FNCE 100 are covered more in depth and more rigorously in FNCE 203. These include investment decision making under uncertainty, cost of capital, capital structure, pricing of selected financial instruments and corporate liabilities, and dividend policy.

    FNCE203001 ( Syllabus )

    FNCE203002 ( Syllabus )

Past Courses

  • FNCE203 - ADVANCED CORP FINANCE

    The objective of this course is to study the major decision-making areas of managerial finance and some selected topics in financial theory. The course reviews the theory and empirical evidence related to the investment and financing policies of the firm and attempts to develop decision-making ability in these areas. This course serves as an extension of FNCE 100 (FNCE 611). Some are as of financial management not covered in FNCE 100 are covered in FNCE 203. These may include leasing, mergers and acquisitions, corporate reorganizations, financial planning and working capital management, and some other selected topics. Other areas that are covered in FNCE 100 are covered more in depth and more rigorously in FNCE 203. These include investment decision making under uncertainty, cost of capital, capital structure, pricing of selected financial instruments and corporate liabilities, and dividend policy.

Activity

Latest Research

Daniel Garrett, Eric Ohrn, Juan Carlos Suarez Serrato (2020), Tax Policy and Local Labor Market Behavior, American Economic Review: Insights, 2 (1), pp. 83-100. 10.1257/aeri.20190041
All Research