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TAXATION AND CAPITAL STRUCTURE CHOICE - EVIDENCE FROM A PANEL OF GERMAN MULTINATIONALS

Buettner, Thiess; Overesch, Michael; Schreiber, Ulrich; … - CESifo GmbH <München> - 2006

This paper analyzes the impact of taxes and lending conditions on the financial structure ofmultinationals' foreign … 1996 until 2003. In accordance withthe theoretical predictions, the effect of local taxes on leverage is positive for both …

Persistent link: https://www.econbiz.de/10005861230

The impact of thin-capitalizationrules on multinationals’financing and investment decisions

Büttner, Thiess; Overesch, Michael; Schreiber, Ulrich; … - Deutsche Bundesbank <Frankfurt, Main> / … - 2008

This paper analyzes the effectiveness of thin-capitalization rules in preventing debt financeby intercompany loans and explores their consequences for corporate decisions. A theoreticaldiscussion emphasizes that limitations of the deduction of interest owed to foreign afiliateswould not only...

Persistent link: https://www.econbiz.de/10005866193

German Inbound Investment, Corporate Tax Planning, and Thin-Capitalization Rules - A Difference-in-Differences Approach

Overesch, Michael; Wamser, Georg - Zentrum für Europäische Wirtschaftsforschung <Mannheim>

Taxes play an important role in determining the capital structure of companies. Consequently,a multinational company … such inter-company loans by imposing so-called thin-capitalization or earningstripping rules in order to limit adverse … governments caneffectively limit inter-company debt shifting.This paper investigates tax planning behavior by means of inter-company …

Persistent link: https://www.econbiz.de/10005860590

The Effects of the Tax Cuts and Jobs Act on the Tax-Competitiveness of Multinational Corporations

Overesch, Michael; Reichert, Leon G. A.; Wamser, Georg - 2023

We exploit the 2017 US tax reform to learn about the tax-competitiveness of US multinational corporations (MNCs) relative to their international peers. Matching on the propensity score, we compare pairs of similar US and European firms listed on the S&P500 or StoxxEurope600 in a...

Persistent link: https://www.econbiz.de/10014290220

Who Cares about Corporate Taxation? Asymmetric Tax Effects on Outbound FDI

Overesch, Michael; Wamser, Georg - 2008

, or the degree of internationalization of the multinational. Subsequently, we analyze how local taxes influence the number …

Persistent link: https://www.econbiz.de/10010312073

German Inbound Investment, Corporate Tax Planning, and Thin-Capitalization Rules - A Difference-in-Differences Approach

Overesch, Michael; Wamser, Georg - 2006

This paper investigates tax planning behavior by means of inter-company finance and the effectiveness of fighting back … company, is used to obtain empirical implications. The empirical analysis, based on German inbound investment data from 1996 … until 2004, supports a significant impact of tax rate differences on the use of intra-company debt. The effectiveness of the …

Persistent link: https://www.econbiz.de/10010312117

Multinationals' profit response to tax differentials: Effect size and shifting channels

Heckemeyer, Jost H.; Overesch, Michael - 2013

This paper provides a quantitative review of the empirical literature on profit-shifting behavior of multinational firms. We synthesize the evidence from 25 studies and find a substantial response of profit measures to international tax rate differentials. Accounting for misspecification biases...

Persistent link: https://www.econbiz.de/10010317893

Design and Consequences of CFC and GILTI Rules: A Review and Potential Lessons for the Global Minimum Tax

Overesch, Michael; Schindler, Dirk; Wamser, Georg - 2024

This chapter provides a description of one of the key anti-tax-avoidance rules to combat profit shifting by multinational corporations, so called Controlled Foreign Corporation (CFC) rules that directly target income in low-tax countries. We explain some key institutional features of CFC...

Persistent link: https://www.econbiz.de/10014534322

The impact of thin-capitalization rules on multinationals' financing and investment decisions

Büttner, Thiess; Overesch, Michael; Schreiber, Ulrich; … - 2006

-Capitalization rules are found to be effective in restricting debt finance, investment is found to be more sensitive to taxes if debt …

Persistent link: https://www.econbiz.de/10010263994

Taxation and capital structure choice: evidence from a panel of German multinationals

Buettner, Thiess; Overesch, Michael; Schreiber, Ulrich; … - 2006

This paper analyzes the impact of taxes and lending conditions on the financial structure of multinationals' foreign … from 1996 until 2003. In accordance with the theoretical predictions, the effect of local taxes on leverage is positive for …

Persistent link: https://www.econbiz.de/10010264013