Jennifer Blouin

Jennifer Blouin
  • Richard B. Worley Professor of Financial Management
  • Professor of Accounting

Contact Information

  • office Address:

    1315 Steinberg Hall-Dietrich Hall
    3620 Locust Walk
    Philadelphia, PA 19104-6365

Research Interests: effects of taxes on asset pricing, taxation, taxes and corporate payout behavior

Links: CV, Personal Website

Overview

Professor Jennifer Blouin’s research centers on the role of taxation in firm decision making.

Professor Blouin studies taxation in many contexts, including capital structure, asset pricing, payout policy and multinational firm behavior. Professor Blouin’s research has been published in top-tier academic journals including Accounting Review, Journal of Accounting Research, National Tax Journal and the Journal of the American Taxation Association. She has received funding from the Rodney L. White Center for Financial Research, the Global Initiatives Research Program and the International Tax Policy Forum. In addition, Professor Blouin is a 2009-2010 Golub Faculty Scholar.

Professor Blouin teaches taxation to undergraduate, MBA, and PhD students. She received her PhD in Accounting from the University of North Carolina- Chapel Hill and her BS from Indiana University – Bloomington.

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Research

  • 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, 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.

  • Jennifer Blouin and Irem Tuna (Work In Progress), Tax Contingencies: Cushioning the Blow to Earnings?.

  • Jennifer Blouin and Mary Ellen Carter (Work In Progress), The Economics of Restricted Stock and the Section 83(b) Election.

  • Jennifer Blouin, Linda K. Krull, Casey Schwab (Under Revision), The Effect of the Domestic Manufacturing Deduction on Corporate Payout Behavior.

  • 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.

  • Jennifer Blouin, Leslie Robinson, Jeri Seidman (Under Review), Coordination of Transfer Prices on Intra-Firm Trade.

Teaching

Current Courses

  • ACCT297 - 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.

    ACCT297401 ( Syllabus )

    ACCT297402 ( Syllabus )

    ACCT297403 ( Syllabus )

  • ACCT897 - 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.

    ACCT897401 ( Syllabus )

    ACCT897402 ( Syllabus )

    ACCT897403 ( Syllabus )

Past Courses

  • ACCT297 - 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.

  • ACCT897 - 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.

Awards and Honors

  • Penn Fellow, 2014-2015
  • Jacob Levy Center Research Grant, 2014-2015
  • MBA Excellence in Teaching Award, 2014
  • Rodney L. White Center for Financial Research Grant, 2010-2011
  • MBA Teaching Commitment and Curricular Innovation Awards, 2010
  • American Taxation Association Tax Manuscript Award, 2010
  • International Tax Policy Forum Research Grant, 2009-2011
  • Golub Faculty Scholar, 2009-2010
  • Global Initiatives Fellowship, 2009-2013
  • Terker Research Fellowship, 2008-2009
  • Educational Foundation for Women in Accounting Doctoral Fellowship, 2002
  • AAA Doctoral Consortium Fellow, 2000
  • KPMG Peat Marwick Doctoral Scholarship, 1998-2002
  • AICPA Minority Doctoral Fellow, 1998-2002

In the News

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Activity

Latest Research

Jennifer Blouin, Brian Bushee, Stephanie Sikes (Forthcoming), Measuring Tax-Sensitive Institutional Ownership.
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In the News

A Middle-class Tax Cut: Weighing the Costs and Benefits

Trump’s “Tax Cuts 2.0” would swell the federal debt, but the U.S. economy would see both short- and long-term gains, according to an analysis by the Penn Wharton Budget Model.

Knowledge @ Wharton - 11/19/2019
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Wharton Magazine

Final Exam

Take our challenge and win: An executive at a publicly traded company earned 10,000 shares of restricted stock. How should she vest them?

Wharton Magazine - 07/29/2013

Wharton Stories

Jennifer Blouin lecturingAccounting Prof. Jennifer Blouin Explains Why Everyone Needs to Understand Taxes

The goal of Prof. Jennifer Blouin’s class on Taxes and Business Strategy isn’t to make students tax experts. Instead, she wants students to develop a framework for understanding how taxes affect business decisions. “Anyone in business is going to deal with tax issues at some point whether they want to…

Wharton Stories - 05/14/2019
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