market shares. We show that advertisement levels depend neither on the media price nor on the location of the media firm. An … increase in advertising revenues does not change location but only the media price. If the distribution of consumers is …

location for an affiliate of a multinational firm. In particular, we distinguish between the tax sensitivity of Greenfield and … M&A investments. Based on a novel firm-level dataset on German outbound FDI, we find evidence that location decisions of … M&A investments are less sensitive to differences in tax rates than location decisions of Greenfield investments …