New Foundations for Taxing Multinational Corporations

Taxes, Special Issue from the University of Chicago Federal Tax Conference (March 2004), 41-49.

In the midst of rapid integration and globalization, multinational firms still face tax systems that differ among countries, and these differences have the potential to affect major investment and financing decisions.

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A Multinational Perspective on Capital Structure Choice and Internal Capital Markets

(w/ C. F. Foley and J. R. Hines Jr.) Journal of Finance 59, no. 6 (December 2004), 2451-2488 (Lead Article). Reprinted in S. Claessens and L. Laeven (eds.), A Reader in International Corporate Finance, The World Bank, 2006.

This paper examines the impact of local tax rates and capital market conditions on the level and composition of borrowing by foreign affiliates of American multinational corporations. 

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