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  • September 2017
  • Article

The Real Effects of Capital Controls: Firm-Level Evidence from a Policy Experiment
By: Laura Alfaro, Anusha Chari and Fabio Kanczuk
Emerging-market governments adopted capital control taxes to manage the massive surge in foreign capital inflows in the aftermath of the global financial crisis. Theory suggests that the imposition of capital controls can drive up the cost of capital and curb...  View Details
Keywords: Capital Controls; Discriminatory Taxation; International Investment Barriers; Exports; Debt; Cost of Capital; Taxation; Investment; Borrowing and Debt; Equity; Brazil
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  • 2013
  • Working Paper

International Health Economics
By: Mark Egan and Tomas J. Philipson
Perhaps because health care is a local service sector, health economists have paid little attention to international linkages between domestic health care economies. However, the growth in domestic health care sectors is often attributed to medical innovations whose...  View Details
Keywords: Health Care and Treatment; Innovation and Invention; Global Range; Economics
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  • June 2013 (Revised July 2017)
  • Case

Angus Cartwright IV
By: Kenneth J. Hatten, William J. Poorvu, Howard H. Stevenson, Arthur I Segel and John H. Vogel, Jr.
Judy and John DeRight, looking to diversify their investment portfolios, have retained Angus Cartwright, Jr. to identify prospective real estate acquisitions. Mr. Cartwright has four potential properties that he feels merit an in-depth financial analysis. The case...  View Details
Keywords: Acquisition; Cash Flow; Investment Return; Investment Portfolio; Taxation; Balanced Scorecard; Valuation
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  • Article

Tax Policy and the Efficiency of U.S. Direct Investment Abroad
By: 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...  View Details
Keywords: International Taxation; Dynamic Efficiency; Deferral; Policy; Taxation; Performance Efficiency; Foreign Direct Investment; Investment Funds; Investment Return; Business Earnings; Equity; Financing and Loans; Cash Flow; Capital; United States
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  • January 2012
  • Teaching Note

California's Budget Crises, Tax Reform, and Domestic and International Tax Competition (TN)
By: Matthew Weinzierl
Keywords: Financial Crisis; Budgets and Budgeting; Taxation; Governing Rules, Regulations, and Reforms; California
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  • June 2011
  • Article

Watch What I Do, Not What I Say: The Unintended Consequences of the Homeland Investment Act
By: Dhammika Dharmapala, C. Fritz Foley and Kristin J. Forbes
This paper analyzes the impact of the Homeland Investment Act of 2004, which provided a one-time tax holiday for the repatriation of foreign earnings and thereby reduced the cost to U.S. multinationals of accessing a source of internal capital. Lawmakers and lobbyists...  View Details
Keywords: Investment; Performance Effectiveness; Code Law; Taxation; Cost; Capital; Financial Strategy; Research and Development; Governing Rules, Regulations, and Reforms; Business and Shareholder Relations; United States
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  • February 2011
  • Article

Dividend Taxes and International Portfolio Choice
By: Mihir Desai and Dhammika Dharmapala
This paper investigates how dividend taxes influence portfolio choices, using the response to the distinctive treatment of a subset of foreign dividends in the Jobs and Growth Tax Relief Reconciliation Act (JGTRRA) of 2003. An open-economy after-tax capital asset...  View Details
Keywords: Dividends; Portfolio Choice; Taxes; Tax Treaties; Foreign Portfolio Investment; Taxation; Lawfulness; Economy; Price; Equity; Stocks; Investment Portfolio; Opportunities; Behavior; United States
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  • Article

Do Strong Fences Make Strong Neighbors?
By: Mihir Desai and Dhammika Dharmapala
Many features of U.S. tax policy towards multinational firms-including the governing principle of capital export neutrality, the byzantine system of expense allocation, and anti-inversion legislation-reflect the intuition that building "strong fences" around the United...  View Details
Keywords: International Taxation; Initial Public Offerings; Foreign Portfolio Investment; Policy; Taxation; Multinational Firms and Management; Globalized Markets and Industries; Initial Public Offering; Mergers and Acquisitions; Foreign Direct Investment; United States
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  • April 2010 (Revised January 2013)
  • Case

California's Budget Crises, Tax Reform, and Domestic and International Tax Competition
By: Matthew C. Weinzierl and Jacob Kuipers
How do (and how should) governments design fiscal policies to compete in a globalized economy while meeting internal policy priorities including redistribution? In 2009, Governor Arnold Schwarzenegger repeatedly declared fiscal emergencies as California's state budget...  View Details
Keywords: Budgets and Budgeting; Economy; Globalization; Governing Rules, Regulations, and Reforms; Policy; Taxation; Competition; California
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  • Article

Market Reaction to and Valuation of IFRS Reconciliation Adjustments: First Evidence from the UK
By: Joanne Horton and George Serafeim
We investigate the market reaction to, and the value-relevance of, information contained in the mandatory transitional documents required by International Financial Reporting Standards (IFRS) 1 (2005). We find significant negative abnormal returns for firms reporting...  View Details
Keywords: Valuation; Markets; Information; International Finance; Earnings Management; Stock Shares; Taxation; Goodwill Accounting; Price; Financial Reporting; Standards; Corporate Disclosure; United Kingdom
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  • June 2009
  • Journal Article

Taxes, Institutions and Foreign Diversification Opportunities
By: Mihir Desai and Dhammika Dharmapala
Investors can access foreign diversification opportunities through either foreign portfolio investment (FPI) or foreign direct investment (FDI). The worldwide tax regime employed by the U.S. potentially distorts this choice by penalizing FDI, relative to FPI, in...  View Details
Keywords: International Finance; Foreign Direct Investment; Investment Portfolio; Multinational Firms and Management; Taxation; Diversification; United States
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  • 2007
  • Working Paper

Taxes and Portfolio Choice: Evidence from JGTRRA's Treatment of International Dividends
By: Mihir A. Desai and Dhammika Dharmapala
This paper investigates how taxes influence portfolio choices by exploring the response to the distinctive treatment of foreign dividends in the Jobs and Growth Tax Relief Reconciliation Act (JGTRRA). JGTRRA lowered the dividend tax rate to 15% for American equities...  View Details
Keywords: Equity; Financial Markets; International Finance; Investment Portfolio; Government Legislation; Taxation; United States
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  • April 2006
  • Module Note

Cross-Border Financial Opportunities
By: Mihir A. Desai and Kathleen Luchs
Describes the fifth module in the International Finance course at Harvard Business School. This module explores how segmented capital markets create financing opportunities for firms and the mechanisms that evolve to take advantage of those opportunities. The issues...  View Details
Keywords: Opportunities; Capital Markets; Decisions; International Finance; Motivation and Incentives; Taxation
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  • March 2006
  • Module Note

Financing Decisions within the Firm
By: Mihir A. Desai and Kathleen Luchs
Describes a core module in the International Finance course at Harvard Business School. The module focuses on the financial and managerial issues that confront managers who make financial decisions within multinational firms: how subsidiaries should be financed and...  View Details
Keywords: Decisions; International Finance; Taxation; Business Subsidiaries; Multinational Firms and Management; Framework; Performance Evaluation; Management Analysis, Tools, and Techniques
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  • August 2005
  • Background Note

Note on International Tax Regimes
By: Mihir A. Desai, Mark Veblen and Kathleen Luchs
Provides a framework for understanding different types of international tax regimes. Examines how alternative tax regimes tax the foreign income of their citizens (including corporate citizens); how tax regimes define foreign and domestic income; and how foreign tax...  View Details
Keywords: Motivation and Incentives; Earnings Management; Nationality; Framework; Taxation; Profit; Globalization; Credit; United States
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  • 2005
  • Other Unpublished Work

Value-Added Taxes and International Trade: The Evidence
By: Mihir A. Desai and James R Hines Jr.
Keywords: Taxation; Trade; Globalized Firms and Management
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  • December 2004 (Revised April 2006)
  • Case

Nestle and Alcon--The Value of a Listing
By: Mihir A. Desai, Vincent Dessain and Anders Sjoman
In response to a perceived undervaluation by the capital markets, Nestle is considering divesting a part of its ophthalmology subsidiary, Alcon, and must decide on a listing location. In the process, students are challenged to wrestle with the valuation of a...  View Details
Keywords: Business Conglomerates; International Finance; Corporate Entrepreneurship; Markets; Taxation; Business Subsidiaries; Valuation; Food and Beverage Industry; Health Industry; Europe; United States
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  • September 2004
  • Article

Sharing The Spoils: Taxing International Human Capital Flows
By: M. A. Desai, Devesh Kapur and John McHale
Keywords: Taxation; Human Capital
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  • September 2003
  • Article

Evaluating International Tax Reform
By: Mihir A. Desai and James R. Hines Jr.
Keywords: Taxation; Governing Rules, Regulations, and Reforms
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  • December 2002
  • Book Review

Review of International Taxation and Multinational Activity edited by J.R. Hines, Jr.
By: Mihir A. Desai
Keywords: Taxation; Information
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