We show that a larger migrant stock from an acquiring country to a target country leads to greater deal frequency and dollar value in cross-border acquisitions after controlling for the differences in economic and financial development, regulatory environments, valuations, and cultural distance....

We consider a network of bank holdings, where every holding has two subsidiaries of different types. A subsidiary can trade with another holding's subsidiary of the same type. Holdings support their subsidiaries up to a certain level when they would otherwise fail to honor their financial...

Applying large language models (GPT-3, Luminous, T5-XXL) to business descriptions of more than 79,000 firms, we construct business networks (BNs) of economically linked firms across the globe. We run multiple evaluation tasks and find that our networks are better suited to identify relevant...

I use two statistical regression models to analyze the American Film Industry based on the relationship between film box office and specific factors of film productions for investment considerations. The first model contains demographic factors specific to the lead actor appearing in the film,...

Internal capital markets (ICMs) allow multinational enterprises (MNEs) to transfer liquidity globally, which connects external capital markets when the related entities also raise external funds. This paper studies such connection with a model of ICMs that permits two layers of agency problems:...

The global corporate minimum tax (GLoBE) as embodied in Pillar 2 of the OECD/IF BEPS 2.0 proposal was set in October 2021 at 15% of the financial statement income of within scope MNEs. That is also the rate and the base of the new US corporate alternative minimum tax (CAMT). The Single Tax...

Using acquisition data from 2010-2018, we examine the impact of acquisitions by foreign SOEs on politically connected domestic U.S. competitors. We examine the initial response to such acquisition announcements, the attempts of industry incumbents to increase their own political connections, and...

This paper mainly studies the role played by offshore Renminbi (CNH) in the process of internationalization. After 2010, the spillover effect of CNY has increased significantly indicated that foreign exchange rate risk contagion among the countries which were reflected in the dynamic change of...

This paper examines how the corporate income tax base is to be shared with the proposed global corporate minimum tax, which has been agreed to by more than 130 countries. The aim of the global minimum tax is to reduce the incentive for profit shifting by putting a floor on corporate tax rates so...

This chapter reviews, and at times extends, the literature on multinational corporate income tax avoidance and its consequences. It is first important to note that multinational corporations pay a substantial amount of taxes, both direct and indirect. Yet, it is also the case that there is...