We analyze the optimal debt structure of multinational corporations choosing between centralized or decentralized borrowing. We identify how this choice is affected by creditor rights and bankruptcy costs, taking into account managerial incentives and coinsurance considerations. We find that...

There is a growing concern that governments lose substantial corporate tax revenue because of profit shifting through transfer-pricing and thin-capitalization strategies. Existing literature studies profit shifting and transfer pricing separately. In practice, the choice of debt-to-asset ratios...

By introducing controlled-foreign-corporation (CFC) rules, the parent country of a multinational firm reserves the right to tax the income of the firm's foreign affiliates, if the tax rate in the affiliate's host country is below a specified threshold. In this paper, we identify the conditions...

Ausgehend von einem reflexiv vertieften Begriff des Arguments werden drei Grundlagenprobleme der Unternehmensethik beleuchtet: (1) Das Verhaeltnis von Theorie und Praxis, welches hier auf einen pragmatisch erneuerten Handlungsbegriff gestellt wird; (2) die Bedeutung der CSR fuer die...