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Evaluating the effects of ACE systems on multinational debt financing and investment
Hebous, Shafik; Ruf, Martin - 2015
allowance for corporate equity (ACE) to achieve tax neutrality. We study the effects of adopting an ACE on debt financing …) variations across affiliates within the multinational group. Our results suggest that an ACE reduces the corporate debt ratio of … multinational affiliates. Additionally, an ACE increases intra-group lending and other forms of passive investment but has no …
Persistent link: https://www.econbiz.de/10010519931
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Taxes and corporate financing decisions : evidence from the Belgian ACE reform
Moore, Nils aus dem - 2014
-econometric evaluation of the so-called ACE corporate tax reform in Belgium based on firm-level accounting data. We interpret the tax reform … comparison group. Our results document that the ACE reform led to a systematic pattern of heterogeneous effects on the capital …
Persistent link: https://www.econbiz.de/10010487633
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The taxation of foreign profits : a unified view
Devereux, Michael P.; Fuest, Clemens; Lockwood, Ben - 2015
This paper synthesizes and extends the literature on the taxation of foreign source income in a framework that covers both greenfield and acquisition investment, and a general constraint linking investment at home and abroad for the multinational by introducing a cost of adjustment for the...
Persistent link: https://www.econbiz.de/10010485517
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Company tax coordination cum tax rate competition in the European Union
Eggert, Wolfgang; Haufler, Andreas - 2006
This paper reviews the recent theoretical literature that analyses the European Union's policy to eliminate preferential corporate tax regimes and the proposal to introduce a consolidated EU tax base with formula apportionment for the taxation of multinational firms. Since neither proposal...
Persistent link: https://www.econbiz.de/10003368119
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Second-best source-based taxation of multinational firms
Becker, Johannes - 2021
I consider a continuum of multinational enterprises (MNEs), which differ in profitability. MNEs employ capital, shift profit to tax havens and may relocate their production facilities to other countries. Source countries provide public inputs and levy taxes. I derive optimal policy choices for...
Persistent link: https://www.econbiz.de/10012628708
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Tax influence on financial structures of M&As
Harendt, Christoph - 2018
In this paper, I investigate the influence of tax incentives on the financial structures of mergers and acquisitions (M&A) conducted by multinational entities (MNE). Previous research has already found evidence for tax avoidance by debt shifting. I analyze the importance of locating debt at...
Persistent link: https://www.econbiz.de/10011782963
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Capital Structure and International Debt Shifting.
Huizinga, Harry; Laeven, Luc; Nicodème, Gaëtan - Centre Emile Bernheim, Solvay Brussels School of … - 2007
This paper presents a model of a multinational firm’s optimal debt policy that incorporates international taxation factors. The model yields the prediction that a multinational firm’s indebtedness in a country depends on a weighted average of national tax rates and differences between...
Persistent link: https://www.econbiz.de/10005558843
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Investment impact of tax loss treatment: Empirical insights from a panel of multinationals
Dreßler, Daniel; Overesch, Michael - 2010
We analyze the impact of tax loss treatment on the size and structure of multinational investments. Basically, two effects of tax loss treatment can be expected. First, firms make their investment decisions in the face of potential future losses. Then, the various types of conceivable loss...
Persistent link: https://www.econbiz.de/10010303806
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Taxation of foreign profits with heterogeneous multinational firms
Becker, Johannes - 2009
Recent empirical studies find that foreign direct investment (FDI) by a multinational firm is not associated with a reduction of the firm’s domestic activities. As it is often argued, this finding may imply that a country should not tax the firm’s foreign profit income since this reduces...
Persistent link: https://www.econbiz.de/10010265985
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Second-Best Source-Based Taxation of Multinational Firms
Becker, Johannes - 2021
I consider a continuum of multinational enterprises (MNEs), which differ in profitability. MNEs employ capital, shift profit to tax havens and may relocate their production facilities to other countries. Source countries provide public inputs and levy taxes. I derive optimal policy choices for...
Persistent link: https://www.econbiz.de/10012658035