--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 …