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Tax Policy and Investment in a Global Economy
Chodorow-Reich, Gabriel; Smith, Matthew; Zidar, Owen M.; … - National Bureau of Economic Research - 2024
We evaluate the 2017 Tax Cuts and Jobs Act. Combining reduced-form estimates from tax data with a global investment model, we estimate responses, identify parameters, and conduct counterfactuals. Domestic investment of firms with the mean tax change increases 20% versus a no-change baseline. Due...
Persistent link: https://www.econbiz.de/10014512034
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FDI and Superstar Spillovers : Evidence from Firm-to-Firm Transactions
Amiti, Mary; Duprez, Cédric; Konings, Jozef; Van … - National Bureau of Economic Research - 2023
spillovers from multinationals to domestic firms justify pro- FDI policies. For the first time, we use firm-to-firm transaction …
Persistent link: https://www.econbiz.de/10014250146
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Climate Risks and FDI
Gu, Grace Weishi; Hale, Galina - National Bureau of Economic Research - 2022
foreign direct investment (FDI) dynamics at different levels of aggregation as well as at firm level. We propose a theoretical … reduction in FDI resulting from both physical and transition risks but an ambiguous interaction effect of these risks with … we do not find consistent evidence for statistically significant effects of physical and transition risks on FDI. However …
Persistent link: https://www.econbiz.de/10013388808
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What Purpose Do Corporations Purport? Evidence from Letters to Shareholders
Rajan, Raghuram Govind; Ramella, Pietro; Zingales, Luigi - National Bureau of Economic Research - 2023
Using natural language processing, we identify corporate goals stated in the shareholder letters of the 150 largest companies in the United States from 1955 to 2020. Corporate goals have proliferated, from less than one on average in 1955 to more than 7 in 2020. While in 1955, profit...
Persistent link: https://www.econbiz.de/10014247976
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Globalization and Profitability of US Firms : The Role of Intangibles
Chintha, Bullipe R.; Jagannathan, Ravi; Sridhar, Sri S. - National Bureau of Economic Research - 2024
China's admission into the WTO in 2001 heralded a new era of globalization, increasing both import competition in domestic markets and foreign opportunities for US firms. In the aggregate, the average annual profitability of US public firms during the post globalization period (2003-2019)...
Persistent link: https://www.econbiz.de/10014512056
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From Carry Trades to Trade Credit : Financial Intermediation by Non-Financial Corporations
Hardy, Bryan; Saffie, Felipe - National Bureau of Economic Research - 2023
We use unique firm-level data from Mexico to document that non-financial corporations engage in carry trades by borrowing in foreign currency (FX) and lending in domestic currency, largely in the form of trade credit, accumulating currency risk in the process. We show at a quarterly frequency...
Persistent link: https://www.econbiz.de/10014250200
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Emerging Market Business Groups, Foreign Investors, and Corporate Governance
Khanna, Tarun - 1999
-run business groups, domestic financial institutions, and foreign financial institutions. Using data from India in the early 1990s …
Persistent link: https://www.econbiz.de/10012471852
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How Does Corporate Governance Risk at Home Affect Investment Choices Abroad?
Kim, Woochan - 2008
Disparity between control and ownership rights gives rise to the risk of tunneling by the controlling shareholder, and is prevalent in many emerging market economies and present in some developed countries. At the same time, international investors come from different countries whose home...
Persistent link: https://www.econbiz.de/10012464925
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Taxes, Institutions and Foreign Diversification Opportunities
Desai, Mihir A. - 2007
direct investment (FDI). By combining data on US outbound FPI and FDI, this paper analyzes whether the composition of US … 21%, controlling for effects on FDI. This suggests that the residual tax on foreign multinational firm earnings biases …
Persistent link: https://www.econbiz.de/10012465522
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U.S. Liquid Government Liabilities and Emerging Market Capital Flows
Lee, Soyean; Engel, Charles - National Bureau of Economic Research - 2024
Empirical work finds that flows of investments from the U.S. and other high income countries to emerging markets increase during times of quantitative easing by the U.S. Federal Reserve, and the reverse movement occurs under quantitative tightening. We offer new evidence to confirm these...
Persistent link: https://www.econbiz.de/10014576601