Dividend Taxes and International Portfolio Choice

(w/ D. Dharmapala) Review of Economics and Statistics, 93:1 (February 2011), 266-284.

This paper investigates how dividend taxes influence portfolio choices, using the response to the distinctive treatment of a subset of foreign dividends in the Jobs and Growth Tax Relief Reconciliation Act (JGTRRA) of 2003.

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Discussion of “Productivity and Taxes as Drivers of FDI”

by A. Razin and E. Sadkain Brookings Trade Forum, 2007.

Their theoretical work emphasizes how set-up costs at home and in the host country can drive a wedge between marginal and total profit conditions. This insight combines with a description of FDI decision-making that separates the decision to invest and how much to invest. 

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Financial Constraints and Growth: Multinational and Local Firm Responses to Currency Depreciations

(w/ C. F. Foley and K. J. Forbes) Review of Financial Studies 21:6 (November 2008), 2857-2888.

This paper examines how financial constraints and product market exposures determine the response of multinational and local firms to sharp depreciations. 

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