investment and expected returns. In imperfectly competitive industries, a firm's exposure to systematic risk is jointly affected … by its own investment strategy and the investment strategies of its industry peers, such that the dynamics of its …

ownership and capital demand adjustment in host countries. The author estimates a dynamic structural model of investment on a …

between countries generates positive investment spillover, intra-firm production linkages predict negative spillover. Using … subsidiary-level data and exogenous corporate tax hikes, we find that local business units cut investment by 0.4% for a 1 …