Møen, Jarle; Schindler, Dirk; Schjelderup, Guttorm; … - 2013
utilizing the standard debt tax shield, multinationals can shift debt from affiliates in low-tax countries to affiliates in high …-tax countries. We study the capital structure of multinationals and expand previous theory by incorporating debt tax shield effects …. Testing our model using a large panel of German multinationals, we identify all three debt tax shields. Our estimates suggest …