profit. Setting up a model that allows for profitable and loss-making affiliates of multinationals, we show that profit … equilibrium, affiliates might over-invest and the bunching-related investment effects generate a tendency for too high profit …

This paper develops a theory of firm selection and growth and embeds it into an international trade framework of …

In this paper we compare the profitability of a merger to the profitability of a partial ownership arrangement and find … profit in the two firms controlled by the cross-majority shareholder then increases, such that both the cross …

We develop a conceptual framework which captures the effect of the VAT system on profit by two effective taxes. This … taxable income to an indirect tax setting. We bring the theory to the data, using linked administrative VAT and corporation … tax records in the UK from 2004-2009. Consistently with the theory, voluntary registration is positively related to the …