We develop estimates of a firm's foreign earnings designated as permanently reinvested
(PRE) and the unrecorded deferred tax liability (TAX) associated with PRE that are …

Abstract The Tax Cuts and Jobs Act unlocked as much as $1.7 trillion of US multinationals'
foreign cash. We examine the real and financial response to this liquidity shock and find that …

Do firm managers invest the savings from tax avoidance in positive net present value
projects that enhance future profitability or divert them towards perquisite consumption, rent …

We examine the effect of large foreign earnings repatriations by US multinational enterprises
(MNEs) on employment. We show employment increased in geographic areas near the …

En la actualidad cabe apreciar un margen para la RSE en materia fiscal por el desfase
existente entre las normas de los sistemas tributarios nacionales y la actividad empresarial …

Current US tax laws create an incentive for some US firms to avoid the repatriation of foreign
earnings as the US government charges additional corporate taxes upon repatriation of …

To date, there is mixed evidence on the implications of tax avoidance on firm value as
measured by Tobin'sq or stock price reactions. The take-away from prior literature is that …

Corporate liquidity demand models view investments in marketable securities as a relatively
simple store of excess liquidity (the storage view). However, compared to excess cash …

It has been suggested that firms with foreign operations stockpile large amounts of cash,
primarily in their foreign subsidiaries, because bringing the cash home involves paying a …

This paper explores the structure of foreign liabilities, the extent of capital repatriation in the
form of investment income of foreign investors and its impact in emerging markets. The …