International debt shifting : do multinationals shift internal or external debt?

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dc.contributor.authorMoen, Jarledeu
dc.contributor.authorSchindler, Dirk
dc.contributor.authorSchjelderup, Guttormdeu
dc.contributor.authorTropina, Juliadeu
dc.date.accessioned2011-10-13T13:07:48Zdeu
dc.date.available2011-10-13T13:07:48Zdeu
dc.date.issued2011deu
dc.description.abstractWe examine the capital structures of multinational companies. Multinational companies can exploit the tax advantage of debt more aggressively than national companies by shifting debt from affiliates in low-tax countries to affiliates in high-tax countries. Previous papers have omitted either internal debt or external debt from the analysis. We are the first to model the companies’ choice between internal and external debt shifting, and show that it is optimal to use both types of debt in order to save taxes. Using a large panel of German multinationals, we find strong empirical support for our model. The estimated coefficients suggest that internal and external debt shifting are of about equal relevance.eng
dc.description.versionpublished
dc.identifier.ppn424740982
dc.identifier.urihttp://kops.uni-konstanz.de/handle/123456789/13467
dc.language.isoengdeu
dc.legacy.dateIssued2011-10-13deu
dc.relation.ispartofseriesWorking Paper Series / Department of Economics
dc.rightsterms-of-usedeu
dc.rights.urihttps://rightsstatements.org/page/InC/1.0/deu
dc.subjectCorporate taxationdeu
dc.subjectmultinationalsdeu
dc.subjectcapital structuredeu
dc.subjectinternational debt-shiftingdeu
dc.subjecttax avoidancedeu
dc.subject.ddc330deu
dc.subject.jelH25, G32, F23deu
dc.titleInternational debt shifting : do multinationals shift internal or external debt?eng
dc.typeWORKINGPAPERdeu
dspace.entity.typePublication
kops.bibliographicInfo.seriesNumber2011-40deu
kops.citation.bibtex
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  author={Moen, Jarle and Schindler, Dirk and Schjelderup, Guttorm and Tropina, Julia}
}
kops.citation.iso690MOEN, Jarle, Dirk SCHINDLER, Guttorm SCHJELDERUP, Julia TROPINA, 2011. International debt shifting : do multinationals shift internal or external debt?deu
kops.citation.iso690MOEN, Jarle, Dirk SCHINDLER, Guttorm SCHJELDERUP, Julia TROPINA, 2011. International debt shifting : do multinationals shift internal or external debt?eng
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