Crossborder Dividend Taxation and the Preferences of Taxable and Nontaxable Investors: Evidence From Canada

摘要: Abstract We consider how fund managers respond to the conflicting preferences of their investors. focus on conflict between taxable and retirement accounts international funds, which face different tradeoffs dividends capital gains. In principle, could resolve this through dividend arbitrage, but a proprietary database dividend-arbitrage transactions shows that in practice they cannot. Thus, must it investment policies. find robust evidence with more money favor investors further for view difference U.S. Canadian funds’ portfolio weights.