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Tax incentives and the location of FDI: evidence from a panel of German multinationals

Buettner, Thiess; Ruf, Martin - Deutsche Bundesbank - 2005

cross-border location decisions. In accordance with Devereux and Griffith (1998) we find that the marginal tax rate has no … predictive power for location decisions whereas effective average and statutory tax rates exert significant effects. In … particular, the statutory tax rate has strong predictive power for the likelihood of direct investment holdings at a location …

Persistent link: https://www.econbiz.de/10005083194

The discontinuous integration of Western Europe's heterogeneous market for corporate control from 1995 to 2007

Frey, Rainer - Deutsche Bundesbank - 2010

As, in Europe, many institutional reforms have been undertaken to establish an economic union, it can be expected that the relevance of borders has decreased over time. For the EU 15, we investigate the expected integration process of the market for corporate control - an illustrative market for...

Persistent link: https://www.econbiz.de/10008611435

Lucas paradox and allocation puzzle: Is the euro area different?

Herrmann, Sabine; Kleinert, Jörn - Deutsche Bundesbank - 2014

This paper examines the Lucas Paradox and the Allocation Puzzle of international capital flows referring to a panel data set of EMU countries and major industrialized and emerging economies. Overall, the results do not provide evidence in favour of the Lucas Paradox and the Allocation Puzzle....

Persistent link: https://www.econbiz.de/10011104989

Banking across borders

Niepmann, Friederike - Deutsche Bundesbank - 2013

Banking across borders has risen substantially over the past two decades. Yet there is significant heterogeneity in the international and global activities of banks across countries. This paper develops and tests a theoretical model that explains this variation from an international trade theory...

Persistent link: https://www.econbiz.de/10010957150

Diversification and determinants of international credit portfolios: Evidence from German banks

Böninghausen, Benjamin; Köhler, Matthias - Deutsche Bundesbank - 2012

This paper examines the international credit portfolios of German banks. We construct a bank-country panel from a unique dataset for a representative set of countries and ask why banks leave diversification opportunities unexploited in some countries. Controlling for bank heterogeneity, we...

Persistent link: https://www.econbiz.de/10010984722

Location choice and employment decisions: a comparison of German and Swedish multinationals

Becker, Sascha O.; Ekholm, Karolina; Jäckle, Robert; … - Deutsche Bundesbank - 2005

patterns. It analyzes determinants of location choice and the degree of substitutability of labor across locations. Countries …

Persistent link: https://www.econbiz.de/10005083075

Determinants of German FDI: New Evidence from Micro-Data

Toubal, Farid; Kleinert, Jörn; Buch, Claudia M. - Deutsche Bundesbank - 2003

This paper provides new evidence on the foreign direct investment stocks of German firms. We use firm-level data for the years 1990-2000 to describe the regional and sectoral patterns of German FDI through gravity-type equations. We provide evidence on the patterns of FDI by sector, by size of...

Persistent link: https://www.econbiz.de/10005083119

The effect of FDI on job separation

Muendler, Marc-Andreas; Becker, Sascha O. - Deutsche Bundesbank - 2007

A novel linked employer-employee data set documents that expanding multinational enterprises retain more domestic jobs than competitors without foreign expansions. In contrast to prior research, a propensity score estimator allows enterprise performance to vary with foreign direct investment...

Persistent link: https://www.econbiz.de/10005083120

Determinants of German Foreign Direct Investment in Latin American and Asian Emerging Markets in the 1990s

Wezel, Torsten - Deutsche Bundesbank - 2003

Many empirical studies in the area of foreign direct investment (FDI) exclusively focus on flows between industrialized countries. This article makes a contribution to the still relatively sparse literature on FDI in emerging markets by estimating determinants of German FDI flows to Latin...

Persistent link: https://www.econbiz.de/10005083150

Who is afraid of political risk? Multinational firms and their choice of capital structure

Kesternich, Iris; Schnitzer, Monika - Deutsche Bundesbank - 2009

This paper investigates how multinational firms choose the capital structure of their foreign affiliates in response to political risk. We focus on two choice variables, the leverage and the ownership structure of the foreign affiliate, and we distinguish different types of political risk, such...

Persistent link: https://www.econbiz.de/10005083161