multinationals, in particular, provide significant foreign exposure. We also find that, although the average US investor is less … tilted toward domestic multinationals, institutional investors do overweight domestic firms that are more internationally … oriented. ‘Indirect’ foreign holdings through domestic multinationals are shown to be substantial; combining them with reported …

The rising importance of multinationals in the world economy has been accompanied by a rise in trade between affiliates … of multinationals located in different countries, and by profits being shifted to low tax countries. The effect of trade …