Dividends And Profits: Some Unsubtle Foreign Influences
AbstractAmerican corporations earn a significant share of their profits from foreign sources, out of which they appear to pay dividends at rates that are three times higher than their payout rates from domestic profits. Why firms do so is unclear, although this behavior is consistent with the use of dividends to signal profitability. This payout behavior implies that a significant part of the U.S. tax revenue generated by the foreign profits of U.S. corporations arises through the taxation of dividends received by individuals and that the cost of capital may be higher for foreign than for domestic operations. Copyright 1996 by American Finance Association.
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Bibliographic InfoPaper provided by Princeton, Woodrow Wilson School - John M. Olin Program in its series Papers with number 77.
Length: 35 pages
Date of creation: 1991
Date of revision:
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Postal: PRINCETON UNIVERSITY, WOODROW WILSON SCHOOL OF PUBLIC AND INTERNATIONAL AFFAIRS, PRINCETON NEW- JERSEY 08542 U.S.A.
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international finance ; tax credit ; investments ; corporation tax;
Other versions of this item:
- Hines, James R, Jr, 1996. " Dividends and Profits: Some Unsubtle Foreign Influences," Journal of Finance, American Finance Association, vol. 51(2), pages 661-89, June.
- James R. Hines Jr., 1991. "Dividends and Profits: Some Unsubtle Foreign Influences," NBER Working Papers 3730, National Bureau of Economic Research, Inc.
- G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
- H87 - Public Economics - - Miscellaneous Issues - - - International Fiscal Issues; International Public Goods
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