To our knowledge, this paper provides the most comprehensive analysis, to date, of the role of leverage, intangible assets, and tax havens in reducing firm-level corporate income taxes. Using publicly available financial statement information for 3,926 public corporations from 62 countries from...

This paper analyzes the causes and consequences of offshore financial centers (OFCs). Since OFCs are likely to be tax havens and money launderers, they encourage bad behavior in source countries. Nevertheless, OFCs may also have unintended positive consequences for their neighbors, since they...