In 1990, the SEC approved Rule 144A, a reform permitting firms to raise capital from "qualified institutional buyers" without requiring registration of the securities and compliance with U.S. GAAP. The rule was intended to help international firms reduce the costs of meeting U.S. disclosure...

This article investigates two aspects of dividend tax avoidance not addressed by prior research. First, it examines the aggregate dividend tax savings provided to individuals through tax-exempt and tax-deferred accumulators. Using the Internal Revenue Service Individual Income Tax Model, it then...