Corporate shareholders shouldn’t expect a big payout if the U.S. moves to a territorial system where multinationals can repatriate their foreign profits without paying heavy taxes on them.

A study in the July/August issue of the American Accounting Association’s journal The Accounting Review by Professor Michelle L. Nessa of Michigan State University investigated the impact of repatriation tax costs during two periods: the repatriation tax holiday authorized by the American Jobs Creation Act of 2004 and the economic dislocations caused by the Great Recession of 2008.

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