The Big Short (Interest): Closing the Loopholes in the Dividend-Withholding Tax
研究了2016年丹麦加强股息预扣税执法的影响，发现执法后股息预扣税收入增加130%，且未损害投资环境。
We study the effect of stricter enforcement of the dividend-withholding tax (DWT). We focus on a 2016 Danish enforcement reform and compare Denmark to its Nordic neighbors. Throughout the Nordic stock markets, shares on loan spike sharply around dividend dates. These spikes are consistent with abuse of the DWT system. Postreform, spikes in Denmark disappear, and annual DWT revenue increases by 130 percent. Enforcement does not harm the investment climate as measured by Danish stock returns, investment rate, and dividend yield.