This study finds evidence that public-company reporting by U.S. multinational corporations (MNCs) creates disincentives to repatriate foreign earnings to the U.S. and contributes to the accumulation of cash abroad. MNCs operate under U.S. international tax laws and financial reporting rules and...

This paper is the academic literature review delivered to the Financial Accounting Foundation (FAF) in October 2011 as part of a post-implementation review (PIR). The FAF determined in 2009 that the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board...

In 2009, the Financial Accounting Foundation (FAF) determined that the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB) standard setting process required a formal review to monitor and address issues that can arise after the implementation of...

This study estimates the location, composition, and investment implications of permanently reinvested earnings (PRE) reported in U.S. multinational corporations' (MNCs) consolidated financial statements. Our first set of analyses suggest that firms' PRE designations are motivated by both...

Putting an end to the base erosion and profit shifting (BEPS) activity of multinational enterprises (MNEs) is high on national agendas. Influential work in academic and policy circles suggests that the magnitude of BEPS problem is large. We show that these magnitudes are overstated due to...