longer exempt these gains. Extending finance theory and prior normative tax research, this Article argues that foreigners …

documented in the literature, evidence on the benefits of avoiding high-dividend-paying stocks is less conclusive. We evaluate … the tax benefit of dividend avoidance for quantitative multi-style strategies. We find that dividend avoidance generally … particularly pronounced for strategies with naturally higher dividend yields, such as strategies with a large exposure to the value …

Taxes on capital gains are deferred until realization, whereas dividend taxes are levied upon accrual. This often makes … accelerated realizations - then dividend payments can become tax-efficient. This mechanism is appealing because it jointly …