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- catalog abstract ""This paper examines how taxes influence the way U.S. firms finance their foreign operations in low tax-rate-countries and subsequently repatriate cash. It models the difference in the cumulative returns from financing a $1 n-period investment with debt and equity financing in a low-tax-rate country when the foreign subsidiary optimally reinvests the cash flows from the initial investment each period in either a domestic-active, foreign-active, or passive investment. ...The paper also presents a case study that illustrates terms-of-trade financing, a special case of the model and a funding mechanism that was used extensively in some industries prior to recent changes in the US tax regulations and is still used to a lesser extent. Finally, the paper illustrates how financing decisions are affected by changes in the model's parameters by: (1) illustrating regions in the investment opportunity set where the various investment and financing decisions are optimal, (2) deriving formulas for the magnitude of the debt advantage (disadvantage, if negative) in each region, and (3) explaining how these formulas change within and across regions."--P. 31-32.".
- catalog contributor b8562392.
- catalog created "1994.".
- catalog date "1994".
- catalog date "1994.".
- catalog dateCopyrighted "1994.".
- catalog description ""This paper examines how taxes influence the way U.S. firms finance their foreign operations in low tax-rate-countries and subsequently repatriate cash. It models the difference in the cumulative returns from financing a $1 n-period investment with debt and equity financing in a low-tax-rate country when the foreign subsidiary optimally reinvests the cash flows from the initial investment each period in either a domestic-active, foreign-active, or passive investment. ...The paper also presents a case study that illustrates terms-of-trade financing, a special case of the model and a funding mechanism that was used extensively in some industries prior to recent changes in the US tax regulations and is still used to a lesser extent. Finally, the paper illustrates how financing decisions are affected by changes in the model's parameters by: (1) illustrating regions in the investment opportunity set where the various investment and financing decisions are optimal, (2) deriving formulas for the magnitude of the debt advantage (disadvantage, if negative) in each region, and (3) explaining how these formulas change within and across regions."--P. 31-32.".
- catalog description "Includes bibliographical references (p. 34).".
- catalog extent "46 p. :".
- catalog isPartOf "Working paper (Harvard University. Graduate School of Business Administration. Division of Research) ; HBS 94-046.".
- catalog isPartOf "Working paper / Division of Research, Harvard Business School ; 94-046".
- catalog issued "1994".
- catalog issued "1994.".
- catalog language "eng".
- catalog publisher "[Boston] : Division of Research, Harvard Business School,".
- catalog title "Foreign direct investments : internal financing and repatriation / by G. Peter Wilson.".
- catalog type "text".