Desai, Mihir A; Dharmapala, Dhammika - In: The Review of Economics and Statistics 93 (2011) 1, pp. 266-284
This paper investigates how dividend taxes influence portfolio choices, using the response to the distinctive treatment of a subset of foreign dividends in the Jobs and Growth Tax Relief Reconciliation Act (JGTRRA) of 2003. An open-economy after-tax capital asset pricing model is used to derive...