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  • 2009
  • Working Paper

Watch What I Do, Not What I Say: The Unintended Consequences of the Homeland Investment Act

By: Dhammika Dharmapala, C. Fritz Foley and Kristin J. Forbes
This paper analyzes the impact on firm behavior of the Homeland Investment Act of 2004, which provided a one-time tax holiday for the repatriation of foreign earnings by U.S. multinationals. The analysis controls for endogeneity and omitted variable bias by using... View Details
Keywords: Investment; Multinational Firms and Management; Government Legislation; Taxation; Business and Shareholder Relations; Behavior; United States
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  • 15 Apr 2015
  • Research & Ideas

Why Americans Voted for an Income Tax

We can be forgiven, especially this time of year, for questioning a decision our predecessors made just over a century ago. In the 1910s, Americans decided to make personal and corporate income taxes a permanent feature of the United... View Details
Keywords: by Matthew C. Weinzierl
  • April 2009 (Revised August 2009)
  • Case

Petrobras in Ecuador (A)

By: Aldo Musacchio, Lena G. Goldberg and Ricardo Reisen de Pinho
On October 18, 2007, Ecuador's President Rafael Correa announced his intention to migrate Petrobras' existing participation contracts to exploit oil reserves in Ecuador's Blocks 18 and 31 to servicing agreements under which Petrobras would be paid a production fee and... View Details
Keywords: Metals and Minerals; Globalized Firms and Management; Corporate Governance; Government Administration; Taxation; Contracts; Negotiation Process; Negotiation Tactics; Public Ownership; Business and Government Relations; Business and Shareholder Relations; Brazil; Ecuador
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  • June 2009
  • Journal Article

Taxes, Institutions and Foreign Diversification Opportunities

By: Mihir Desai and Dhammika Dharmapala
Investors can access foreign diversification opportunities through either foreign portfolio investment (FPI) or foreign direct investment (FDI). The worldwide tax regime employed by the U.S. potentially distorts this choice by penalizing FDI, relative to FPI, in... View Details
Keywords: International Finance; Foreign Direct Investment; Investment Portfolio; Multinational Firms and Management; Taxation; Diversification; United States
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  • March 2008
  • Article

Market Reactions to Export Subsidies

By: M. A. Desai and James R. Hines Jr.
This paper analyzes the economic impact of export subsidies by investigating stock price reactions to a critical event in 1997. On November 18, 1997, the European Union announced its intention to file a complaint before the World Trade Organization (WTO), arguing that... View Details
Keywords: Economic Systems; Trade; Development Economics; Financial Markets; Profit; Taxation; Volume; Value Creation; Market Design; Business Subsidiaries; Utilities Industry; Financial Services Industry; Europe; North and Central America
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  • 25 Jan 2024
  • News

Alumni Gain Insights on Nigeria’s New Government; Taipei Alumni Host Faculty Guest

Clubs News Clubs News HBS Alumni in Nigeria Discuss New Government’s Fiscal Policies To better understand the economic and policy direction of Nigeria’s newly sworn-in government, the HBS Association of Nigeria hosted a hybrid program on December 14 featuring Taiwo... View Details
Keywords: Margie Kelley
  • Web

Historical Data & Sources - Business History

Atlas of the World's Commerce (London: George Newnes, 1907), p. 98-99, map. Arçelik Corporation (Koç Group) A.M. Colpan and G. Jones, “Vehbi Koc and the Making of Turkey's Largest Business Group (B),” Harvard Business School Case, January... View Details
  • 18 Feb 2015
  • First Look

First Look: February 18

enterprises (MNEs), the paper argues we have reason to reject assigning human rights obligations to business enterprises and their managers. The paper begins by distinguishing business and human rights from the more general topic of View Details
Keywords: Sean Silverthorne
  • August 2011 (Revised July 2012)
  • Case

Mike Mayo Takes on Citigroup (A)

By: Suraj Srinivasan and Amy Kaser
The case details the conflict between Mike Mayo, an influential banking analyst and Citigroup about what Mayo considers aggressive accounting policies. Mike Mayo questions Citigroup's lack of a valuation allowance against their Deferred Tax Assets despite Citi's recent... View Details
Keywords: Accounting; Taxation; Capital; Financial Reporting; Corporate Disclosure; Valuation; Banks and Banking; Financial Strategy; Money; Conflict Management; Capital Budgeting; Asset Management; Banking Industry
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  • 11 Oct 2016
  • First Look

October 11, 2016

Fails—and What to Do about It By: Beer, Michael, Magnus Finnström, and Derek Schrader Abstract—U.S. corporations spend enormous amounts of money—some $456 billion globally in 2015 alone—on employee training and education, but they aren't... View Details
Keywords: Sean Silverthorne
  • 22 Mar 2016
  • First Look

March 22, 2016

must overcome severe individual and organizational biases that prevent managers and employees from thinking deeply and analytically about their risk exposure. In this paper, we draw lessons from seven case studies about the multiple and contingent ways that a View Details
Keywords: Sean Silverthorne
  • 08 Feb 2018
  • Op-Ed

What’s Missing From the Debate About Trump’s Tax Plan

the free market should be given greater room to run unfettered, while the government’s role in the economy should be diminished. Trimming taxes on high-income households, minimizing the estate tax, and substantially cutting corporate... View Details
Keywords: by Matthew Weinzierl
  • 01 Mar 2014
  • News

Ask the Expert: Taxing Questions

income to achieve desired levels of redistribution without harming saving; and a carbon tax to correct for externalities associated with energy consumption. In short, no tax expenditures that litter the code with preferences and that constrain policymakers; no View Details
Keywords: ask the expert; Finance
  • 24 Oct 2017
  • Research & Ideas

Tax Reform is on the Front Burner Again. Here’s Why You Should Care

concerns about that. The notion took hold that people at the top should pay some extra in income tax or the corporations should be asked to pay for some of the benefits that they were getting for being a part of the system. You got this... View Details
Keywords: by Sean Silverthorne
  • 19 Jan 2016
  • First Look

January 19, 2016

reasons—and revisits the associated implications for investing and corporate finance, examining asset allocation, high leverage in financial firms, low leverage in industrial firms, private equity, venture capital, and bank capital... View Details
Keywords: Sean Silverthorne
  • 01 Jul 2014
  • First Look

First Look: July 1

https://www.hbs.edu/faculty/Pages/download.aspx?name=Marketplace_Reseller_HBS%20WP%2001312014.pdf August 2013 Corporations and Citizenship Can For-Profit Corporations Be Good Citizens? Perspectives from Four... View Details
Keywords: Carmen Nobel
  • 06 Oct 2009
  • First Look

First Look: October 6

relative to financially under-developed ones. Mergers That Stick Authors:Rosabeth Moss Kanter Publication:Harvard Business Review 84, no. 10 (October 2009) An abstract is unavailable. Purchase the article: http://hbr.harvardbusiness.org/2009/10/mergers-that-stick/ar/1... View Details
Keywords: Martha Lagace
  • 26 Jan 2016
  • First Look

January 26, 2016

Cagé, and William R. Kerr Abstract—We build an endogenous growth model to analyze the relationships between taxation, corruption, and economic growth. Entrepreneurs lie at the center of the model and face disincentive effects from View Details
Keywords: Sean Silverthorne
  • April 1996 (Revised January 2006)
  • Case

Times Mirror Company PEPS Proposal Review

By: Peter Tufano
Times Mirror Co. (TMC) owns a substantial block of Netscape common stock purchased prior to Netscape's IPO, on which it has substantial unrealized gains. TMC is restricted from selling the stock in a public offering and is therefore considering a proposal by Morgan... View Details
Keywords: Risk Management; Stocks; Taxation; Corporate Finance; Telecommunications Industry; Media and Broadcasting Industry; United States
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  • 06 Nov 2012
  • Op-Ed

Stop Talking About the Weather and Do Something: Three Ways to Finance Sustainable Cities

The wrath of Hurricane Sandy has illuminated a fundamental question: How do we ensure that our cities are resilient in the face of inevitable future disasters? A destroyed city is not a sustainable city. I'm making the case that it's time to stop complaining about... View Details
Keywords: by John Macomber; Construction; Real Estate; Energy; Utilities