This paper explores the idea of disclosure clienteles. Disclosure clienteles refer to the ability of different types of disclosure activities to differentially benefit investors with varying levels of sophistication. Disclosure clienteles exist because variation in investor sophistication...

Using a new bilateral international tax database, we investigate the effects of dividend taxes on foreign equity portfolio holdings. Extending a model of capital market equilibrium with dividend taxation to an international setting, we provide intuition for a new, seemingly counter-intuitive...