• 1 Introduction
  • 2 Direct versus Indirect Investment Structures
  • 3 Theoretical Analysis
  • 3.1 Direct Structure (Regime I)
  • 3.2 Indirect Structure (Regime II)
  • 3.3 Indirect Structure (Extended)
  • 4 Investigation Approach
  • 5 Data and Descriptive Statistics
  • 6 Regression Analysis
  • 7 Sensitivity Analysis
  • 8 Conclusions
  • Appendix A: Selection Correction for Panel Data Models
  • Appendix B: First-Stage Regression Results