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• Background Note | HBS Case Collection | 2013 (Revised from original 2012 version)

  Inventory-Based Lending Industry Note

  C. Fritz Foley, Ananth Raman and Nathan C. Craig

  Keywords: Banks and Banking; Financing and Loans; Banking Industry;

  Citation:

  Foley, C. Fritz, Ananth Raman, and Nathan C. Craig. "Inventory-Based Lending Industry Note." Harvard Business School Background Note 612-057, January 2013. (Revised from original January 2012 version.)

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• Case | HBS Case Collection | 2013 (Revised from original 2012 version)

  Doing Business in Malaysia

  C. Fritz Foley, Michael Shih-Ta Chen and Keith Chi-Ho Wong

  This case focuses on the current business environment in Malaysia as of 2012 by introducing the main economic, political and cultural aspects of the country for those interested in doing business there. The advantages and challenges of investing and doing business in Malaysia are also noted by HBS alumni who have experience in the country. Finally, the case deals with the subject of talent recruitment and staff management, a top issue in developing economies. Stuart Dean (MBA 1979, a current Director of the HBS Asia-Pacific Advisory Board who lives in Malaysia and CEO of General Electric ASEAN), who oversees GE's businesses across Southeast Asia, had to decide in 2012 whether he should appoint another expat for the position of Managing Director of GE Engine Services Malaysia (a division of GE Aviation), which is one of the leading aircraft maintenance, repair and overhaul facilities in the region, or to promote a local from within, for the first time in the company's history. Making the choice entailed criteria such as historical and culture sensitivities, and an ability to understand complex technology and socio-political and regulatory environments.

  Keywords: emerging market finance; emergent countries; strategy; business history; Economic History; fieldwork; Emerging Markets; Business Ventures; Strategy; Malaysia;

  Citation:

  Foley, C. Fritz, Michael Shih-Ta Chen, and Keith Chi-Ho Wong. "Doing Business in Malaysia." Harvard Business School Case 713-431, January 2013. (Revised from original September 2012 version.)

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• Article | National Tax Journal | December, 2011

  Tax Policy and the Efficiency of U.S. Direct Investment Abroad

  Mihir A. Desai, C. Fritz Foley, James R. Hines Jr., Mihir A. Desai, C. Fritz Foley and James R. Hines Jr.

  Deferral of U.S. taxes on foreign source income is commonly characterized as a subsidy to foreign investment, as reflected in its inclusion among "tax expenditures" and occasional calls for its repeal. This paper analyzes the extent to which tax deferral and other policies inefficiently subsidize U.S. direct investment abroad. Investments are dynamically inefficient if they consistently generate fewer returns to investors than they absorb in new investment funds. From 1982 to 2010, repatriated earnings from foreign affiliates exceeded net capital investments by $1.1 trillion in 2010 dollars; and from 1950 to 2010, repatriated earnings and net interest from foreign affiliates exceeded net equity investments and loans by $2.1 trillion in 2010 dollars. By either measure, cash flows received from abroad exceeded 160% of net investments, implying that foreign investment over these periods was dynamically efficient.

  Keywords: Policy; Taxation; Performance Efficiency; Foreign Direct Investment; Investment Funds; Investment Return; Business Earnings; Equity; Financing and Loans; Cash Flow; Capital; United States;

  Citation:

  Desai, Mihir A., C. Fritz Foley, and James R. Hines Jr. "Tax Policy and the Efficiency of U.S. Direct Investment Abroad." National Tax Journal 64 (December, 2011): 1055–1082.

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