Møen, Jarle () (Dept. of Finance and Management Science, Norwegian School of Economics and Business Administration) Schindler, Dirk () (Dept. of Economics, University of Konstanz) Schjelderup, Guttorm () (Dept. of Finance and Management Science, Norwegian School of Economics and Business Administration)
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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.
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Paper provided by Department of Finance and Management Science, Norwegian School of Economics and Business Administration in its series Discussion Papers with number
2008/15.
Length: 18 pages Date of creation: 22 Aug 2008 Date of revision: Handle: RePEc:hhs:nhhfms:2008_015
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Find related papers by JEL classification: F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Capital and Ownership Structure H25 - Public Economics - - Taxation, Subsidies, and Revenue - - - Business Taxes and Subsidies
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