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Following in their Footsteps: Comparing Interest Parity Conditions in Central European Economies to the Euro Countries

Mansori, Kashif - 2003

This paper investigates capital market integration in the major Central European emerging economies by testing the covered and uncovered interest parity conditions vis-à-vis the U.S. dollar and the DM/euro. The results for the Central European economies since 1997 are contrasted against those...

Persistent link: https://www.econbiz.de/10010315877

The Impact of Macro News and Central Bank Communication on Emerging European Forex Markets

Egert, Balazs; Kocenda, Even - 2013

We employ two-stage empirical strategy to analyze the impact of macroeconomic news and central bank communication on the exchange rates of three Central and Eastern European (CEE) currencies against the euro. First we estimate the nominal equilibrium exchange rate based on a monetary model....

Persistent link: https://www.econbiz.de/10010317018

The Tax Sensitivity of Debt in Multinationals: A Review

Schjelderup, Guttorm - 2015

The OECD in its BEPS action plan 4 addresses tax base erosion by profit shifting through the use of tax deductible interest payments. Their main concern is interest deductions between outbound and inbound investment by groups. Studies of multinational firms show that the tax sensitivity of debt...

Persistent link: https://www.econbiz.de/10011388269

The Tax-Efficient Use of Debt in Multinational Corporations

Møen, Jarle; Schindler, Dirk; Schjelderup, Guttorm; … - 2018

Some multinationals use the parent company as a lender to the group, whereas others set up an internal bank in a low … theory model using data on the universe of German multinationals. The empirical analysis largely supports our model in that …: (i) smaller firms often rely on parental debt financing; (ii) larger multinationals are more likely to use internal banks …

Persistent link: https://www.econbiz.de/10011887393

International Corporate Tax Avoidance: A Review of the Channels, Magnitudes, and Blind Spots

Beer, Sebastian; de Mooij, Ruud A.; Liu, Li - 2018

This paper reviews the rapidly growing empirical literature on international tax avoidance by multinational corporations. It surveys evidence on main channels of corporate tax avoidance including transfer mispricing, international debt shifting, treaty shopping, tax deferral and corporate...

Persistent link: https://www.econbiz.de/10011931934

Royalty Taxation under Tax Competition and Profit Shifting

Juranek, Steffen; Schindler, Dirk; Schneider, Andrea - 2018

The increasing use of intellectual property as a means to shift profits to low-tax jurisdictions or jurisdictions with so-called ‘patent boxes’ is a major challenge for the corporate tax base of medium- and high-tax countries. Extending a standard tax competition model for capital-enhancing...

Persistent link: https://www.econbiz.de/10011931977

Multinationals, minority ownership and tax-efficient financing structures

Schindler, Dirk; Schjelderup, Guttorm - 2010

affiliates of multinational firms. We find that affiliates of multinationals have higher internal and overall debt ratios and …

Persistent link: https://www.econbiz.de/10010270552

North-South technology transfer in unionised multinationals

Lommerud, Kjell Erik; Meland, Frode; Straume, Odd Rune - 2010

We study how incentives for North-South technology transfers in multinational enterprises are affected by labour market institutions. If workers are collectively organised, incentives for technology transfers are partly governed by firms' desire to curb trade union power. This will affect not...

Persistent link: https://www.econbiz.de/10010274961

Profit shifting by debt financing in Europe

Barion, Francesca; Miniaci, Raffaele; Panteghini, Paolo M. - 2010

This article aims at analyzing the link between subsidiaries' capital structure and taxation in Europe. First we introduce a trade-off model, which studies a MNCs' financial strategy and shows how debt policy allows multinational groups to shift profits from low-tax to high-tax jurisdictions. By...

Persistent link: https://www.econbiz.de/10010276152

International debt shifting: Do multinationals shift internal or external debt?

Møen, Jarle; Schindler, Dirk; Schjelderup, Guttorm; … - 2011

multinationals, we find strong empirical support for our model. The estimated coefficients suggest that internal and external debt …

Persistent link: https://www.econbiz.de/10010277407