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dc.contributor.authorMøen, Jarle
dc.contributor.authorSchindler, Dirk
dc.contributor.authorSchjelderup, Guttorm
dc.contributor.authorBakke, Julia Tropina
dc.date.accessioned2019-04-02T16:31:29Z
dc.date.available2019-04-02T16:31:29Z
dc.date.issued2019-03-29
dc.identifier.issn1500-4066
dc.identifier.urihttp://hdl.handle.net/11250/2592998
dc.description.abstractWe 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.nb_NO
dc.language.isoengnb_NO
dc.publisherFORnb_NO
dc.relation.ispartofseriesDiscussion paper;1/19
dc.subjectCorporate taxationnb_NO
dc.subjectmultinationalsnb_NO
dc.subjectcapital structurenb_NO
dc.subjectinternational debt-shiftingnb_NO
dc.subjecttax avoidancenb_NO
dc.titleInternational Debt Shifting: The Value Maximizing Mix of Internal and External Debtnb_NO
dc.typeWorking papernb_NO
dc.source.pagenumber49nb_NO


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