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Capital structure and international debt shifting: a comment

Møen, Jarle; Schindler, Dirk; Schjelderup, Guttorm
Working paper
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URI
http://hdl.handle.net/11250/164127
Date
2008-08
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  • Discussion papers (FOR) [509]
Abstract
In a recent article, Huizinga, Laeven and Nicodème (2008) present

a novel model that motivates an extensive empirical analysis of international

debt shifting. We point out that the model fails to account

for internal debt, and that once internal debt is properly accounted

for, the external debt mechanism they propose is not identified in the

empirical analysis. We also point out that affiliate specific debt costs

reduce affiliate dividends. When this is implemented in the model,

their regression equation can only be derived under the very restrictive

assumption that effective tax rates on dividends are the same in

all countries.
Publisher
Norwegian School of Economics and Business Administration. Department of Finance and Management Science
Series
Discussion paper
2008:15

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