| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w13281 |
| 来源ID | Working Paper 13281 |
| Taxes and Portfolio Choice: Evidence from JGTRRA's Treatment of International Dividends | |
| Mihir A. Desai; Dhammika Dharmapala | |
| 发表日期 | 2007-07-20 |
| 出版年 | 2007 |
| 语种 | 英语 |
| 摘要 | This paper investigates how taxes influence portfolio choices by exploring the response to the distinctive treatment of foreign dividends in the Jobs and Growth Tax Relief Reconciliation Act (JGTRRA). JGTRRA lowered the dividend tax rate to 15% for American equities and extended this tax relief only to foreign corporations from a subset of countries. This paper uses a difference-in-difference analysis that compares US equity holdings in affected and unaffected countries. The international investment responses to JGTRRA were substantial and imply an elasticity of asset holdings with respect to taxes of -1.6. This effect cannot be explained by several potential alternative hypotheses, including differential changes to the preferences of American investors, differential changes in investment opportunities, differential time trends in investment or changed tax evasion behavior. |
| 主题 | International Economics ; International Factor Mobility ; Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Markets ; Public Economics ; Taxation |
| URL | https://www.nber.org/papers/w13281 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/570952 |
| 推荐引用方式 GB/T 7714 | Mihir A. Desai,Dhammika Dharmapala. Taxes and Portfolio Choice: Evidence from JGTRRA's Treatment of International Dividends. 2007. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w13281.pdf（281KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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