OxTalks will soon move to the new Halo platform and will become 'Oxford Events.' There will be a need for an OxTalks freeze. This was previously planned for Friday 14th November – a new date will be shared as soon as it is available (full details will be available on the Staff Gateway).
In the meantime, the OxTalks site will remain active and events will continue to be published.
If staff have any questions about the Oxford Events launch, please contact halo@digital.ox.ac.uk
We study the effect of dividend-withholding tax (DWT) arbitrage on tax revenue for Denmark and Sweden. For identification we rely on a 2016 reform in Denmark, that effectively outlawed DWT arbitrage. We employ an event-study analysis in which we compare stock lending on i.) normal trading days, to trading days around the ex-dividend date, and ii.) trading days before the reform in Denmark, to trading days after the reform in Denmark. We find that, prior to the Danish reform excess stock lending spikes around the ex-dividend rate spikes by about 4-6 percent of the public float, relative to standard trading days. After the reform, the spike in Sweden persists, but it disappears entirely in Denmark. We estimate that the overall tax revenue loss from tax arbitrage in Denmark and Sweden in the period 2010-2020 amounts to 2 bln USD.
