Publicly traded emerging market affiliates of large multinational corporations (headquartered and mostly also listed in developed markets) have shown remarkably good performance over the past fourteen years. These affiliates combined high performance with lower volatility, outperforming both...

In the 2015 budget, the Canadian government introduced sweeping amendments to section 55 of the Income Tax Act. These amendments include two new purpose tests that apply in determining whether subsection 55(2) applies to recharacterize an otherwise "tax-free" intercorporate dividend paid between...

This paper investigates the benefits of banks' direct investment in foreign subsidiaries and branches for non-financial multinationals. The paper builds on the literature on international banks which has primarily focused on the implications for host countries, rather than for its international...

This paper investigates the benefits of banks' direct investment in foreign subsidiaries and branches for non-financial multinationals. The paper builds on the literature on international banks which has primarily focused on the implications for host countries, rather than for its international...

The "exempt surplus" and "underlying foreign tax" of a foreign affiliate are valuable tax attributes for a corporate taxpayer, because they allow the repatriation of foreign earnings free of Canadian tax. As a result, taxpayers over the years have devised various strategies to optimize the use...

Economists interested in location choices usually focus their attention on investments abroad. This neglects the fact that multinational enterprises continue to invest domestically while undertaking foreign expansion. This paper compares investments at home and abroad. Our firm-level dataset...