--headquarters does not uniformly "tax" all of the firm's other plants in the same way: It is more likely to take away resources from …

"tax" all of the firm's other plants in the same way: It is more likely to take away resources from plants that are less …

withdraws capital and labor from other plants, especially from plants that are relatively less productive, not part of the firm …-wide productivity increases. We do not find any evidence of capital or labor spillovers among plants of financially unconstrained firms …

--headquarters does not uniformly "tax" all of the firm's other plants in the same way: It is more likely to take away resources from …

affiliate is located in a low-tax country and is limited to two alternatives: repatriating taxable dividends to the parent or … against, making any direct taxable flow to the parent unnecessary. The low-tax subsidiary can also use its earnings to invest … in a related high-tax affiliate which becomes the vehicle for tax-free repatriations. Alternatively, the low-tax …