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We show that multinational firms transmit shocks across countries through their internal capital markets. We study a credit supply shock to parent firms in Germany. International affiliates outside Germany supported their parents through internal lending, became financially constrained...
Persistent link: https://www.econbiz.de/10014247983
We show that multinational firms transmit shocks across countries through their internal capital markets. We study a credit supply shock to parent firms in Germany. International affiliates outside Germany supported their parents through internal lending, became financially constrained...
Persistent link: https://www.econbiz.de/10014358874
This paper studies whether FDI firms employ more workers than domestic firms for each dollar of assets. Using the Orbis database and its ownership structure information, we show that, in most economies, domestic firms tend to employ more workers per asset than FDI firms. The result remains...
Persistent link: https://www.econbiz.de/10012836522
generally unknown. We provide a window into this underground world of cash transactions with the first systematic evidence on …
Persistent link: https://www.econbiz.de/10013134235
Despite the fact that one-third of worldwide mergers involve firms from different countries, the vast majority of the academic literature on mergers studies domestic mergers. What little has been written about cross-border mergers has focused on public firms, usually from the United States. Yet,...
Persistent link: https://www.econbiz.de/10013134570
This paper examines the corporate tax evasion puzzle from both a financial and governance perspective: one, the impact of tax evasion on a multinational's financial performance and secondly, whether corporate governance levels affect the probability of the multinational committing tax evasion....
Persistent link: https://www.econbiz.de/10012960766
I present an improved equity momentum measure for corporate bonds and study the Euro denominated global investment …
Persistent link: https://www.econbiz.de/10012898405
We use retail transaction prices for a multinational retailer to examine the extent and permanence of violations of the law of one price (LOOP). For identical products, we find typical deviations of twenty to fifty percent, though there is muted evidence for convergence over time. Such...
Persistent link: https://www.econbiz.de/10013321019
Since the introduction of the Structural Adjustment Programs and subsequent World Bank and the IMF economic adjustment … that the Neo-liberal economic philosophies of the World Bank and the IMF have continued to damage countries, governments … economic crisis. In doing so, this paper argues that the implementation of World Bank and IMF policies have contributed …
Persistent link: https://www.econbiz.de/10014030712
I provide evidence on the group structures of multinationals and analyze to what extent these structures are tax efficient. While the corporate income tax can hardly be avoided if a subsidiary is active in a country, withholding taxes depend on the structure in which the subsidiary is embedded....
Persistent link: https://www.econbiz.de/10013101102