We provide new evidence that differences in international tax rates and tax regimes affect multinational firms' debt location decisions. Our sample contains 8,287 debt issues from 2,437 firms headquartered in 23 different countries with debt-issuing subsidiaries in 59 countries. We analyze...

We investigate how the lending activities of a multinational bank's affiliates located abroad are affected by funding difficulties in view of the financial crisis. For this, we consider transaction-induced changes in long-term lending to the private sector of 40 countries by the affiliates of...

This paper investigates the impact of debts, classified by borrowers and sources, on foreign direct investment (FDI) inflows, both aggregate and selected sectors, in Thailand during 1997: Q1 to 2020: Q4. Drawing upon the OLI paradigm and considering the motivations of multinational enterprises...

Global firms finance themselves through foreign subsidiaries, often shell companies in tax havens, which obscures their true economic location in official statistics. We associate the universe of traded securities issued by firms in tax havens with their issuer’s ultimate parent and restate...

Several papers have reported recently the effects of thin capitalization rules on firms’ capital structure. However, none has yet assessed the effects of the newly issued Brazilian thin-capitalization rule. This paper aims at helping filling this gap by showing evidence of the Brazilian thin...

How does exposure to international markets affect returns and cash flow comovements? Foreign bond owners, lenders, affiliates, investors, customers, and suppliers all transmit country shocks to companies. Most multinationals have many of these exposures simultaneously within the same foreign...

Regulatory theory assumes that national governments seek to constrain undesirable firm behavior, either through direct governmental oversight, or through oversight delegated to non-governmental organizations. We reverse that assumed relationship with the first study investigating when and how...

Global firms finance themselves through foreign subsidiaries, often shell companies in tax havens, which obscures their nationality in aggregate statistics. We associate the universe of traded securities with their issuer's ultimate parent and restate bilateral investment positions to better...