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Host-Country Financial Development and Multinational Activity
Bilir, Kamran - 2014
This paper evaluates the influence of host-country financial development on the global operations of multinational firms. Using detailed U.S. data, we provide evidence that host-country financial development increases entry by multinational affiliates, while also decreasing affiliate sales in...
Persistent link: https://www.econbiz.de/10012458618
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Technology Capital and the U.S. Current Account
McGrattan, Ellen R. - 2008
The U.S. Bureau of Economic Analysis (BEA) estimates the return on investments of foreign subsidiaries of U.S. multinational companies over the period 1982--2006 averaged 9.4 percent annually after taxes; U.S. subsidiaries of foreign multinationals averaged only 3.2 percent. Two factors distort...
Persistent link: https://www.econbiz.de/10012464663
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Capital Structure with Risky Foreign Investment
Desai, Mihir A. - 2006
American multinational firms respond to politically risky environments by adjusting their capital structures abroad and … affiliates of the same parent companies. American firms further limit their equity exposures in politically risky countries by …
Persistent link: https://www.econbiz.de/10012466392
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Foreign Direct Investment in a World of Multiple Taxes
Desai, Mihir A. - 2001
character of foreign direct investment by American multinational firms. Indirect tax burdens significantly exceed foreign income … to be partly attributable to the inability of American investors to claim foreign tax credits for indirect tax payments …. Estimates imply that 10 percent higher indirect tax rates are associated with 9.2 percent lower reported income of American …
Persistent link: https://www.econbiz.de/10012470279
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Intra-Industry Foreign Direct Investment
Alfaro, Laura - 2007
We use a new firm level data set that establishes the location, ownership, and activity of 650,000 multinational subsidiaries -- close to a comprehensive picture of global multinational activity. A number of patterns emerge from the data. Most foreign direct investment (FDI) occurs between rich...
Persistent link: https://www.econbiz.de/10012465202
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The Trade and Investment Effects of Preferential Trading Arrangements
Dee, Philippa - 2003
This study quantifies the impact of traditional and new age' provisions of preferential trading arrangements (PTAs) on merchandise trade and investment. It does so by estimating gravity models of bilateral trade and investment. It finds that recent and some past PTAs are not as benign as some...
Persistent link: https://www.econbiz.de/10012468534
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Multinational Enterprises, International Trade, and Productivity Growth : Firm-Level Evidence from the United States
Keller, Wolfgang - 2003
We estimate international technology spillovers to U.S. manufacturing firms via imports and foreign direct investment (FDI) between the years of 1987 and 1996. In contrast to earlier work, our results suggest that FDI leads to significant productivity gains for domestic firms. The size of FDI...
Persistent link: https://www.econbiz.de/10012469199
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Negative Alchemy? Corruption, Composition of Capital Flows, and Currency Crises
Wei, Shang-Jin - 2001
Crony capitalism and self-fulfilling expectations by international creditors are often suggested as two rival explanations for currency crisis. This paper examines a possible linkage between the two that has not been explored much in the literature: corruption may affect a country's composition...
Persistent link: https://www.econbiz.de/10012470539
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Heterogeneous Frictional Costs Across Industries in Cross-border Mergers and Acquisitions
Blonigen, Bruce A. - 2016
While there has been significant research to explore the determinants (and frictions) of foreign direct investment (FDI), past literature primarily focuses on country-wide FDI patterns with little examination of sectoral heterogeneity in FDI. Anecdotally, there is substantial sectoral...
Persistent link: https://www.econbiz.de/10012456133
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Quantifying Productivity Gains from Foreign Investment
Fons-Rosen, Christian - 2013
We quantify the effect of foreign investment on productivity of acquired firms using a new firm-level database that tracks foreign ownership changes. To control for endogenous selection on unobserved firm-level characteristics, we study the differential impact of majority and minority foreign...
Persistent link: https://www.econbiz.de/10012459741