| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w15248 |
| 来源ID | Working Paper 15248 |
| Investment and Capital Constraints: Repatriations Under the American Jobs Creation Act | |
| Michael Faulkender; Mitchell Petersen | |
| 发表日期 | 2009-08-13 |
| 出版年 | 2009 |
| 语种 | 英语 |
| 摘要 | The American Jobs Creation Act (AJCA) significantly lowered US firms' tax cost when accessing their unrepatriated foreign earnings. Using this temporary shock to the cost of internal financing, we examine the role of capital constraints in firms' investment decisions. Controlling for the capacity to repatriate foreign earnings under the AJCA, we find that a majority of the funds repatriated by capital constrained firms were allocated to approved domestic investment. While unconstrained firms account for a majority of repatriated funds, no increase in investment resulted. Contrary to other examinations of the AJCA, we find little change in leverage and equity payouts. |
| 主题 | Financial Economics ; Corporate Finance ; Other ; Law and Economics |
| URL | https://www.nber.org/papers/w15248 |
| 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/572924 |
| 推荐引用方式 GB/T 7714 | Michael Faulkender,Mitchell Petersen. Investment and Capital Constraints: Repatriations Under the American Jobs Creation Act. 2009. |
| 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 | ||
| w15248.pdf（248KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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