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International Taxation and the Direction and Volume of Cross-Border M&As

Harry P. Huizinga and Johannes Voget
The Journal of Finance
Vol. 64, No. 3 (Jun., 2009), pp. 1217-1249
Published by: Wiley for the American Finance Association
Stable URL: http://www.jstor.org/stable/20488000
Page Count: 33
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Since scans are not currently available to screen readers, please contact JSTOR User Support for access. We'll provide a PDF copy for your screen reader.
International Taxation and the Direction and Volume of Cross-Border M
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Abstract

We show that the parent-subsidiary structure of multinational firms created by cross-border mergers and acquisitions is affected by the prospect of international double taxation. Specifically, the likelihood of parent firm location in a country following a cross-border takeover is reduced by high international double taxation of foreign-source income. At the same time, countries with high international double taxation attract smaller numbers of parent firms. A unilateral elimination of worldwide taxation by the United States is simulated to increase the proportion of parent firms locating in the United States following cross-border mergers and acquisitions from 53% to 58%.

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