Overview

The tax rules of the United States and other countries have intended and unintended effects on the operations of multinational corporations, influencing everything from the formation and allocation of capital to competitive strategies. The growing importance of international business has led economists to reconsider whether current systems of taxing international income are viable in a world of significant capital market integration and global ...
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The Effects of Taxation on Multinational Corporations

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Overview

The tax rules of the United States and other countries have intended and unintended effects on the operations of multinational corporations, influencing everything from the formation and allocation of capital to competitive strategies. The growing importance of international business has led economists to reconsider whether current systems of taxing international income are viable in a world of significant capital market integration and global commercial competition.

In an attempt to quantify the effect of tax policy on international investment choices, this volume presents in-depth analyses of the interaction of international tax rules and the investment decisions of multinational enterprises. Ten papers assess the role played by multinational firms and their investment in the U.S. economy and the design of international tax rules for multinational investment; analyze channels through which international tax rules affect the costs of international business activities; and examine ways in which international tax rules affect financing decisions of multinational firms. As a group, the papers demonstrate that international tax rules have significant effects on firms' investment and other financing decisions.
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Editorial Reviews

Booknews
Presents papers from a January, 1994 National Bureau of Economic Research (NBER) conference representing the result of studies during the previous two years. Contributions examine the effect of tax policy on international investment choices by presenting analyses of the interaction of international tax rules and the investment decisions of multinational enterprises. As a group, the papers show that international tax rules have significant effects on firms' investment and other financial decisions. Annotation c. Book News, Inc., Portland, OR (booknews.com)
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Product Details

Meet the Author

James R. Hines is Richard A. Musgrave Collegiate Professor of Economics in the department of economics and Professor of Law at the University of Michigan Law School.

Martin Feldstein is professor of economics at Harvard University (on leave), and chairman of the Council of Economic Advisers.
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Table of Contents

Preface
Introduction
Martin Feldstein, James R. Hines, Jr., R. Glenn Hubbard.
1: Outward Direct Investment and the U.S. Economy
Robert E. Lipsey
Comment: S. Lael Brainard
2: The Effects of Outbound Foreign Direct Investment on the Domestic Capital Stock
Martin Feldstein
Comment: Kenneth A. Froot
3: Why Is There Corporate Taxation in a Small Open Economy? The Role of Transfer Pricing and Income Shifting
Roger H. Gordon, Jeffrey K. MacKie-Mason.
Comment: T. Scott Newlon
4: The Impact of International Tax Rules on the Cost of Capital
Joosung Jun
Comment: Joel Slemrod
5: The Tax Sensitivity of Foreign Direct Investment: Evidence from Firm-Level Panel Data
Jason G. Cummins, R. Glenn Hubbard.
Comment: David G. Hartman
6: The Alternative Minimum Tax and the Behavior of Multinational Corporations
Andrew B. Lyon, Gerald Silverstein.
Comment: Alan J. Auerbach
7: Accounting Standards, Information Flow, and Firm Investment Behavior
Jason G. Cummins, Trevor S. Harris, Kevin A. Hassett.
Comment: G. Peter Wilson
8: Taxes, Technology Transfer, and the R&D Activities of Multinational Firms
James R. Hines, Jr
Comment: Adam B. Jaffe
9: Do Repatriation Taxes Matter? Evidence from the Tax Returns of U.S. Multinationals
Rosanne Altshuler, T. Scott Newlon, William C. Randolph.
Comment: William M. Gentry
10: Interest Allocation Rules, Financing Patterns, and the Operations of U.S. Multinationals
Kenneth A. Froot, James R. Hines, Jr.
Comment: Julie H. Collins
Contributors
Author Index
Subject Index
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