Taxes and portfolio choice: evidence from JGTRRA's treatment of international dividends
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...
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| Main Authors: | , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Cambridge, Mass.
National Bureau of Economic Research
2007
|
| Series: | Working paper series / National Bureau of Economic Research
13281 |
| Online Access: | Volltext |
| Summary: | 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. |
| Item Description: | Literaturverz. S. 22 - 24 |
| Physical Description: | 24, [8] S. graph. Darst. 22 cm |
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| index_date | 2024-07-02T22:41:31Z |
| indexdate | 2024-07-09T21:25:14Z |
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| physical | 24, [8] S. graph. Darst. 22 cm |
| publishDate | 2007 |
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| publisher | National Bureau of Economic Research |
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| spelling | Desai, Mihir A. 1968- Verfasser (DE-588)128956798 aut Taxes and portfolio choice evidence from JGTRRA's treatment of international dividends Mihir A. Desai ; Dhammika Dharmapala Cambridge, Mass. National Bureau of Economic Research 2007 24, [8] S. graph. Darst. 22 cm txt rdacontent n rdamedia nc rdacarrier Working paper series / National Bureau of Economic Research 13281 Literaturverz. S. 22 - 24 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. Dharmapala, Dhammika Verfasser (DE-588)13048847X aut Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.> NBER working paper series 13281 (DE-604)BV002801238 13281 http://papers.nber.org/papers/w13281.pdf kostenfrei Volltext |
| spellingShingle | Desai, Mihir A. 1968- Dharmapala, Dhammika Taxes and portfolio choice evidence from JGTRRA's treatment of international dividends |
| title | Taxes and portfolio choice evidence from JGTRRA's treatment of international dividends |
| title_auth | Taxes and portfolio choice evidence from JGTRRA's treatment of international dividends |
| title_exact_search | Taxes and portfolio choice evidence from JGTRRA's treatment of international dividends |
| title_exact_search_txtP | Taxes and portfolio choice evidence from JGTRRA's treatment of international dividends |
| title_full | Taxes and portfolio choice evidence from JGTRRA's treatment of international dividends Mihir A. Desai ; Dhammika Dharmapala |
| title_fullStr | Taxes and portfolio choice evidence from JGTRRA's treatment of international dividends Mihir A. Desai ; Dhammika Dharmapala |
| title_full_unstemmed | Taxes and portfolio choice evidence from JGTRRA's treatment of international dividends Mihir A. Desai ; Dhammika Dharmapala |
| title_short | Taxes and portfolio choice |
| title_sort | taxes and portfolio choice evidence from jgtrra s treatment of international dividends |
| title_sub | evidence from JGTRRA's treatment of international dividends |
| url | http://papers.nber.org/papers/w13281.pdf |
| volume_link | (DE-604)BV002801238 |
| work_keys_str_mv | AT desaimihira taxesandportfoliochoiceevidencefromjgtrrastreatmentofinternationaldividends AT dharmapaladhammika taxesandportfoliochoiceevidencefromjgtrrastreatmentofinternationaldividends |