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Dividends And Profits: Some Unsubtle Foreign Influences

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Author Info

  • Hines Jr., J.R.

Abstract

American 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 Info

Paper provided by Princeton, Woodrow Wilson School - John M. Olin Program in its series Papers with number 77.

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Length: 35 pages
Date of creation: 1991
Date of revision:
Handle: RePEc:fth:priwol:77

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Postal: PRINCETON UNIVERSITY, WOODROW WILSON SCHOOL OF PUBLIC AND INTERNATIONAL AFFAIRS, PRINCETON NEW- JERSEY 08542 U.S.A.
Phone: (609) 258-4800
Web page: http://www.wws.princeton.edu/
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Keywords: international finance ; tax credit ; investments ; corporation tax;

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