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Erscheinungsjahr: 
2017
Schriftenreihe/Nr.: 
Memorandum No. 02/2017
Verlag: 
University of Oslo, Department of Economics, Oslo
Zusammenfassung: 
We use firm-level data to investigate the impact of taxes on the international location of targets in M&A allowing for heterogeneous responses by companies. The statutory tax rate in the target country is found to have a negative impact on the probability of an acquisition in that country. In addition, the estimated size of the effect is found to depend on whether (i) acquirer is a domestic or a multinational enterprise; (ii) the acquisition is domestic or cross-border; and (iii) the acquirer's country has a worldwide or territorial tax system.
Schlagwörter: 
multinational enterprises
cross-border expansion
target choice
corporation income tax
mixed logit
JEL: 
G34
H25
H32
C25
Dokumentart: 
Working Paper

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