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A Multinational Perspective On Capital Structure Choice And Internal Capital Markets, Mihir A. Desai, C. Fritz Foley, James R. Hines Jr.
A Multinational Perspective On Capital Structure Choice And Internal Capital Markets, Mihir A. Desai, C. Fritz Foley, James R. Hines Jr.
Book Chapters
This paper analyzes the capital structures of foreign affiliates and internal capital markets of multinational corporations. Ten percent higher local tax rates are associated with 2.8% higher debt/asset ratios, with internal borrowing being particularly sensitive to taxes. Multinational affiliates are financed with less external debt in countries with underdeveloped capital markets or weak creditor rights, reflecting significantly higher local borrowing costs. Instrumental variable analysis indicates that greater borrowing from parent companies substitutes for three-quarters of reduced external borrowing induced by capital market conditions. Multinational firms appear to employ internal capital markets opportunistically to overcome imperfections in external capital markets.
Tax Arbitrage And The International Tax Regime, Reuven S. Avi-Yonah
Tax Arbitrage And The International Tax Regime, Reuven S. Avi-Yonah
Book Chapters
It is a great pleasure to introduce my student Luca Dell'Anese's book on tax arbitrage. This is an important book on an important topic, which lies at the heart of the current debate on whether an international tax regime exists in practice.
I have argued for many years (see, e.g., Avi-Yonah, 1996, 1997, 2000) that a coherent international tax regime exists, embodied in both the tax treaty network and in domestic laws, and that it forms a significant part of international law (both treatybased and customary). The practical implication is that countries are not free to adopt any international tax …
Tax Treaty Overrides: A Qualified Defence Of U.S. Practice, Reuven S. Avi-Yonah
Tax Treaty Overrides: A Qualified Defence Of U.S. Practice, Reuven S. Avi-Yonah
Book Chapters
The ability of some countries to unilaterally change, or "override;' their tax treaties through domestic legislation has frequently been identified as a serious threat to the bilateral tax treaty network. In most countries, treaties (including tax treaties) have a status superior to that of ordinary domestic laws (see, e.g. France, Germany, the Netherlands). However, in some countries (primarily the US, but also to some extent the UK and Australia) treaties can be changed unilaterally by subsequent domestic legislation. This result clearly violates international law as embodied by the Vienna Convention on the Law of Treaties ("VCLT"), which is recognized as …