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  • Article

Tax Policy and the Efficiency of U.S. Direct Investment Abroad

By: Mihir A. Desai, C. Fritz Foley and James R. Hines Jr.
Deferral of U.S. taxes on foreign source income is commonly characterized as a subsidy to foreign investment, as reflected in its inclusion among "tax expenditures" and occasional calls for its repeal. This paper analyzes the extent to which tax deferral and other... View Details
Keywords: International Taxation; Dynamic Efficiency; Deferral; Policy; Taxation; Performance Efficiency; Foreign Direct Investment; Investment Funds; Investment Return; Business Earnings; Equity; Financing and Loans; Cash Flow; Capital; United States
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  • September 2022
  • Case

BancoSol: Financial Inclusion in the Perfect Storm

By: Michael Chu and Carla Larangeira
In the pandemic, financial inclusion icon BancoSol faces a government-mandated year-long deferral of all loan payments, followed by the sudden Covid death of its CEO. In a Bolivia mired in political turmoil following a failed presidential election, with clients not... View Details
Keywords: Decision Making; Crisis Management; Management Succession; Business Strategy; Innovation Leadership; Risk and Uncertainty; Financing and Loans; Restructuring; Financial Services Industry; Latin America; Bolivia
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  • 2011
  • Working Paper

Tax Policy and the Efficiency of U.S. Direct Investment Abroad

By: Mihir A. Desai, C. Fritz Foley and James R. Hines Jr.
Deferral of U.S. taxes on foreign source income is commonly characterized as a subsidy to foreign investment, as reflected in its inclusion among "tax expenditures" and occasional calls for its repeal. This paper analyzes the extent to which tax deferral and other... View Details
Keywords: Cash Flow; Investment Return; Foreign Direct Investment; Investment Funds; Policy; Taxation; United States
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  • Research Summary

Biological Basis of Economic Behavior

Terry Burnham's research focuses on understanding human behavior, and economic behavior in particular, in the context of humans as evolved animals. This research aims to reconcile two competing views within economics. The mainstream economic view is that economic... View Details
  • February 1993 (Revised October 1993)
  • Case

Brent Walker Group PLC,The

The Brent Walker Group completed the largest out-of-court restructuring in the United Kingdom. After overexpansion in the 1980s, the company pursued a large acquisition financed with debt and then encountered falling asset prices. With the assistance of the Bank of... View Details
Keywords: Restructuring; United Kingdom
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  • 2025
  • Working Paper

Tax Planning, Illiquidity, and Credit Risks: Evidence from DeFi Lending

By: Lisa De Simone, Peiyi Jin and Daniel Rabetti
This study establishes a plausible causal link between tax-planning-induced illiquidity and credit risks in lending markets. Exploiting an exogenous tax shock imposed by the Internal Revenue Service (IRS) on cryptocurrency gains, along with millions of transactions in... View Details
Keywords: Cryptocurrency; Taxation; Financial Liquidity; Credit; Financing and Loans; Financial Markets
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  • 16 Jun 2020
  • Research & Ideas

Your Customers Have Changed. Here's How to Engage Them Again.

deferral of payments, new payment terms, and renegotiation of rates to those in need. Such efforts will encourage longer-term relationships and loyalty, which will increase revenue and reduce transaction costs. DoorDash is temporarily... View Details
Keywords: by Rohit Deshpandé, Ofer Mintz, and Imran S. Currim; Retail; Service
  • 13 Aug 2012
  • Research & Ideas

When Good Incentives Lead to Bad Decisions

borrower is going to pay the loan back. For the sake of the experiment, the researchers promised immediate compensation to some participants and deferred compensation to others, regardless of the incentive scheme. Unfortunately, the researchers found that a View Details
Keywords: by Carmen Nobel; Banking
  • 04 Apr 2012
  • Research & Ideas

When Founders Recruit Friends and Family as Investors

Similarly, Tim Westergren, founder of Pandora Radio, persisted with his startup long after others might have called it quits, in large part because he could not face the idea of losing the money invested by his cofounders' friends or reneging on the $1 million in... View Details
Keywords: by Noam Wasserman
  • 07 Apr 2008
  • Research & Ideas

The Debate over Taxing Foreign Profits

effectively neutralize tax differences around the world so that firms would make the decisions based on pretax rates of return. More specifically, the United States should, under this view, operate a worldwide system without deferral and... View Details
Keywords: by Sean Silverthorne
  • 02 Jun 2011
  • What Do You Think?

Is it Time for a National Bankruptcy?

sought could include aid from one country to another, the sale of national assets, and the deferral of commitments to allow time for a work out. A sizeable minority, however, took the view that lenders, because they helped contribute to a... View Details
Keywords: by Jim Heskett
  • 26 Jul 2011
  • First Look

First Look: July 26

http://www.hbs.edu/research/pdf/11-034.pdf Tax Policy and the Efficiency of U.S. Direct Investment Abroad Authors:Mihir A. Desai, C. Fritz Foley, and James R. Hines Jr. Abstract Deferral of U.S. taxes on foreign source income is commonly... View Details
Keywords: Sean Silverthorne
  • 02 Jul 2015
  • Op-Ed

The Future of the Greek Economy

increases. Greece cannot count on other nations to pay its debt through debt forgiveness. In 2012, other countries provided loans on attractive terms with below-market interest rates, extended maturities, deferral of interest payments,... View Details
Keywords: by Laura Alfaro, Dante Roscini & George Serafeim; Banking
  • 01 Nov 2011
  • First Look

First Look: Nov. 1

C. Fritz Foley, and James R. Hines Jr. Publication:National Tax Journal (forthcoming) Abstract Deferral of U.S. taxes on foreign source income is commonly characterized as a subsidy to foreign investment, as reflected in its inclusion... View Details
Keywords: Sean Silverthorne
  • 06 Sep 2005
  • Research & Ideas

The Best Place for Retirement Funds

and the size of the implicit government subsidy that coming from tax deferral in IRAs and 401(k)s make this question a first-order public policy issue. In both this literature and in the literature on asset location, you need to look at... View Details
Keywords: by Ann Cullen
  • 20 Jan 2017
  • Research & Ideas

Here’s How Businessman Trump Is Likely to Approach the Presidency

international deferral and a minimum tax for corporate foreign source income. It was fiscally irresponsible and not attuned to current tastes for redistribution. Given the relative inexperience of most of the current Trump economic team... View Details
Keywords: by Christina Pazzanese

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