税收、投资者和管理者:探讨外国投资者在美国房地产投资信托基金的税收

IF 1.3 Q3 BUSINESS, FINANCE
M. Howard, Katherine A. Pancak, Douglas A. Shackelford
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引用次数: 5

摘要

摘要:本文利用2004年对美国上市REITs的外国投资者独特的资本利得预扣税的减少,探讨了房地产投资者对其自身税收变化的敏感性以及房地产经理对其投资者税收变化的反应。我们发现外国投资者和房地产投资信托基金经理都对税收变化做出了反应。这与限制外国资本流入美国REITs并影响其房地产管理的税收是一致的。据我们所知,这是第一篇记录美国管理公司根据外国投资者的税务状况改变其美国业务的论文。这项工作应促进进一步研究房地产和所得税之间的相互作用,税收对外国证券投资的作用,以及税收对实际管理决策的作用。对于政策制定者来说,它也应该是有益的,因为他们最近放松了对外国投资者的歧视性税收待遇。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Taxes, Investors, and Managers: Exploring the Taxation of Foreign Investors in U.S. REITs
ABSTRACT Exploiting a 2004 reduction in a unique capital gains withholding tax for foreign investors in U.S. publicly traded REITs, this paper explores both the sensitivity of real estate investors to changes in their own taxes and the reaction of real estate managers to changes in their investors' taxes. We find that both foreign investors and REIT managers responded to the tax change. This is consistent with taxes both restricting the flow of foreign capital into U.S. REITs and affecting the management of their real estate properties. To our knowledge, this is the first paper documenting that U.S. managers change their U.S. operations in response to the tax positions of foreign investors. This work should spur further study of the interplay between real estate and income taxes, the role of taxes on foreign portfolio investment, and the role of taxes on real managerial decisions. It should also be informative to policymakers who recently relaxed the discriminatory tax treatment for foreign investors in U...
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来源期刊
CiteScore
3.20
自引率
12.50%
发文量
14
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