Foreign Portfolio Investment and Shareholder Dividend Taxes
研究了股息税如何影响外国投资者对一国股票的投资组合持有量，发现国内投资者股息税率变化与外国投资者持有量正相关，且外国投资者直接支付的股息税率负相关、全球投资者加权平均税率正相关。
ABSTRACT We investigate the effects of dividend taxes on foreign equity portfolio holdings. Based on the extension of an equilibrium model with risky assets to an international setting, we predict that a change in the tax rate on dividends of a country's domestic investors is positively related to changes in foreign investors' portfolio holdings in that country. The evidence from two research settings, which exploit changes in the national tax policies of different countries, supports this prediction. More generally, the model predicts that a foreign investor's equilibrium portfolio holdings in a country are negatively related to the dividend tax rate that she directly pays on assets in that country and positively related to the weighted-average dividend tax rate of worldwide investors in that country. Results from analyses using panel data provide empirical support for these predictions.