CLEAN - LSE Seminar Series - Evelina Gavrilova (Norvegian School of Economics)


The next CLEAN seminar, in collaboration with LSE, will take place on Wednesday, April 3rd 2024, from 4-5 p.m. Italian time.

The presenter will be Evelina Gavrilova (Norvegian School of Economics). The title of the paper is "The Big Short (Interest): Closing the Loopholes in the Dividend-Withholding Tax".



We study the effect of stricter enforcement of the dividend-withholding tax (DWT). We focus on a 2016 Danish enforcement reform and compare Denmark to its Nordic neighbors. Throughout Nordic stock markets, stocks on loan spike sharply around dividend dates. These spikes comprise of several percent of the market value and are consistent with the most popular DWT arbitrage transactions. Post-reform, spikes in Denmark disappear, and annual DWT revenue increases by 130 percent. Enforcement does not negatively affect the investment climate as measured by Danish stock returns, investment, and dividend yield. A 2016-reform in Germany similarly eliminated spikes in security lending.


You may follow the event online via Zoom Meetings at the following link: - Meeting ID: 935 3789 3727 - Passcode: 327396