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We examine the stock market reaction to the Tax Cuts and Jobs Act (TCJA) of 2017 during its enactment process, focusing on its international provisions. Consistent with extant evidence, we find lower returns for high-foreign-activity firms, indicating a negative market reaction to the international provisions overall. Considering specific international provisions, we find that the market reaction was more positive (negative) for firms likely most affected by the shift to a quasi-territorial system for taxing foreign earnings (the transition tax on existing unrepatriated earnings, the tax on global intangible low-taxed income, and/or the base erosion and antiabuse tax) than for other firms. Our findings imply that investors are able to disentangle the economic implications of complex and interactive tax law changes.

Adopting a sense of critical enquiry when examining historical sources, it is possible to gain a richer and broader sense of present practice. The aim of this study is to emphasise the importance of historical research to present practice in teasing out the different elements at work and how they developed. A core assumption is that our consciousness depends on our interactions with others.

This study is part of ongoing research into the historical background of the practice of discerning compassion. The methods used include archival research and the reading of primary and secondary literature.

In particular, it becomes clear that this way of working is always going to be problematic for political authorities as it promotes the questioning of accepted beliefs. This study emphasises that the core concepts underlying enabling community practice reach deep into the past and involve events not usually associated with the traditional histories of the approach. In particular, exploring outside of the traditional mental hospital background reveals a greater involvement of women than previously demonstrated. There are processes that have deep historical roots, the culture of enquiry, the benefits of mutual support and the understanding that people flourish better interacting with each other in a supportive and trusting environment rather than through coercion and instruction.

As with all historical research, this paper is limited by the resources available to examine particular events.

Recognition of the importance of historical enquiry as relevant to present-day practice.

Historical enquiry helps to acknowledge the importance of social events in shaping our present understanding. As W.H. Rivers argues, we have to understand what happened in the past before comprehending why present sociological events occur.

This paper is a unique enquiry into the early historical antecedents of enabling community practice. It is intended to stimulate more research into the field and to stimulate debate about the relevance of particular aspects of practice. It refers to sources that are not usually part of such discussions and, by implication, suggests that there is more to be explored. It is not an exhaustive account and is to be supplemented by another paper on leadership.