This paper analyzes the impact of countries' tax attractiveness on the allocation of risk within multinational groups … globally. We show that tax symmetry positively influences the relative amount of risk allocated to subsidiaries. Both time and … decrease the relative amount of risk taken. …

liquidity risk and characterizes them. Both a solvency (leverage) and a liquidity ratio are required to control the … interpret the 2007 run on SIV and ABCP conduits. -- stress ; crises ; illiquidity risk ; insolvency risk ; leverage ratio …