taxes impair subsidiary-level investment efficiency. Consistent with internal agency conflicts between the central …-level investment efficiency while reducing the level of investment. Our paper provides timely empirical evidence to inform expectations …

We quantify the impact of barriers to international investment, using a novel multi-country dynamic general equilibrium … asset positions. We estimate this gravity equation using recently developed foreign investment data that have been restated … to account for offshore investment and financing vehicles. We show that a parsimonious implementation of the model with …