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International Debt Shifting: The Value Maximizing Mix of Internal and External Debt

Møen, Jarle; Schindler, Dirk; Schjelderup, Guttorm; Bakke, Julia Tropina
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URI
http://hdl.handle.net/11250/2592998
Date
2019-03-29
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  • Discussion papers (FOR) [514]
Abstract
We study the capital structure of multinationals and expand previous theory by incorporating international debt tax shield effects from both internal and external capital markets. We show that: (i) multinationals' firm value is maximized if both internal and external debt are used to save tax; (ii) the use of internal and external debt is independent of each other; (iii) multinationals have a tax advantage over domestic firms, which cannot shift debt across international borders. We test our model using a large panel of German multinationals and find that internal and external debt shifting are of about equal importance.
Publisher
FOR
Series
Discussion paper;1/19

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