Bryant–Kutcher, Lisa; Eiler, Lisa; Guenther, David A. - In: National Tax Journal 61 (2008) 4, pp. 699-720
We investigate the value of permanently reinvested earnings (PRE) of foreign subsidiaries of U.S. multinationals. We focus particularly on how firm value is affected by reinvesting PRE in financial rather than operating assets, where the reinvestment in financial assets is to avoid the U.S....