| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w13132 |
| 来源ID | Working Paper 13132 |
| Taxes, Institutions and Foreign Diversification Opportunities | |
| Mihir A. Desai; Dhammika Dharmapala | |
| 发表日期 | 2007-05-24 |
| 出版年 | 2007 |
| 语种 | 英语 |
| 摘要 | Investors can access foreign diversification opportunities through either foreign portfolio investment (FPI) or foreign direct investment (FDI). By combining data on US outbound FPI and FDI, this paper analyzes whether the composition of US outbound capital flows reflect efforts to bypass home country tax regimes and weak host country investor protections. The cross-country analysis indicates that a 10% decrease in a foreign country's corporate tax rate increases US investors' equity FPI holdings by 21%, controlling for effects on FDI. This suggests that the residual tax on foreign multinational firm earnings biases capital flows to low corporate tax countries toward FPI. A one standard deviation increase in a foreign country's investor protections is shown to be associated with a 24% increase in US investors' equity FPI holdings. These results are robust to various controls, are not evident for debt capital flows, and are confirmed using an instrumental variables analysis. The use of FPI to bypass home country taxation of multinational firms is also apparent using only portfolio investment responses to within-country corporate tax rate changes in a panel from 1994 to 2005. Investors appear to alter their portfolio choices to circumvent home and host country institutional regimes. |
| 主题 | International Economics ; International Factor Mobility ; Financial Economics ; Portfolio Selection and Asset Pricing ; Corporate Finance ; Public Economics ; Taxation |
| URL | https://www.nber.org/papers/w13132 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/570800 |
| 推荐引用方式 GB/T 7714 | Mihir A. Desai,Dhammika Dharmapala. Taxes, Institutions and Foreign Diversification Opportunities. 2007. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w13132.pdf（233KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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