between countries generates positive investment spillover, intra-firm production linkages predict negative spillover. Using … subsidiary-level data and exogenous corporate tax hikes, we find that local business units cut investment by 0.4% for a 1 …

This Working Paper assesses the impact on investment of a reduction in corporate taxes and the impact on employment …, labor formality, and growth of a reduction in non-wage labor costs in Colombia. First, and following Hall and Jorgensen … (1967), we estimate an investment function, which depends on the user cost of capital, one of whose determinants is the …