Did the 2003 Tax Act Reduce the Cost of Equity Capital

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The Relation Between Expected Returns, Realized Returns, and Firm Risk Characteristics* (2010, methodology): “Specifically, Hail and Leuz (2006, 2009) calculate rHL as the mean of rCT, rGLS, rMPEG, and rOJN, whereas Dhaliwal et al. 2007 calculate rDKL as the mean of rCT, rGLS, and rGM, after ‘‘winsorizing’’ each of these values to a maximum value of 0.5.”
The effect of corporate tax avoidance on the cost of equity (2013, methodology): “This average measure has been used extensively in the literature (e.g., Dhaliwal, Krull, and Li 2007).29 Our main inferences from earlier analyses remain unchanged using these alternative measures of cost of equity.”
Correcting for Cross-Sectional and Time-Series Dependence in Accounting Research (2010, unknown): “While some studies consider both CL-i and CL-t separately (e.g., Bushee and Goodman 2007; Dhaliwal et al. 2007), separate consideration of CL-t and CL-i does not correct for both cross-sectional and time-series dependence.”
The Relation between Expected Returns, Realized Returns, and Firm Risk Characteristics (2011, background): “Et)1(rt) proxy Guay, Kothari and Shu (2005) Easton and Monahan (2005) Botosan and Plumlee (2005) Current study”