“…10 Canada: Both and Johnson (1984), China: Milonas, Travlos, Xiao, and Tan (2002), Denmark: Jakob and Akhmedov (2005), Greece: Milonas and Travlos (2001), Italy: Michaely and Murgia (1995), Japan: Kato and Loewenstein (1995), New Zealand: Bartholdy and Brown (2001), and Sweden: Daunfelt (2002). 11 Hong Kong is an interesting case with domestic shareholders tax exempt on investment income and participation by foreign shareholders prevented by a stamp duty.…”