Exhibit 676 · Working paper (published JoF 2011)
Watch What I Do, Not What I Say: The Unintended Consequences of the Homeland Investment Act
Repatriations did not lead to an increase in domestic investment, employment or R&D—even for the firms that lobbied for the tax holiday stating these intentions and for firms that appeared to be financially constrained.
Uses instruments for firms likely to gain most from the holiday. Finds no increase in domestic investment, employment or R&D, including at firms in the Homeland Investment Coalition and firms whose PACs gave to tax-writing committee members. Working paper reports almost $1 of shareholder payouts per $1 repatriated; the published abstract is reported by PSI as 60 to 92 cents. Defines the HIC as 'a group of firms and organizations formed with the sole purpose of lobbying to reduce the tax rate on U.S. repatriations' and cites its 21 March 2003 letter to Chairman Bill Thomas (fn. 26; letter not found).
- Source
- Dharmapala, Foley and Forbes (NBER Working Paper 15023, June 2009; Journal of Finance 66(3):753-787, 2011)
- Date
- June 2009
- Quoted from
- Abstract (working paper version)
- Grade
- Peer-reviewed
- Document
- https://www.nber.org/papers/w15023
- Accessed
- 2026-11-10
- Cited by
- Findings citing this exhibit