Multinationals, minority ownership and tax-efficient financing structures
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- Discussion papers (FOR) 
We model how multinationals structure their borrowing and lending transactions and find that affiliates in high-tax countries have higher internal and overall debt ratios and lower rental rates of physical capital than comparable domestic firms. We also show that affiliates with minority owners have less debt than wholly owned affiliates.
PublisherNorwegian School of Economics and Business Administration. Department of Finance and Management Science