C. Fritz Foley

Financial Constraints and Growth: Multinational and Local Firm Responses to Currency Depreciations (2008)

Empirical evidence of imperfect integration across world capital markets suggests a role for cross-border arbitrage by multinationals. Consistent with multinational arbitrage as a determinant of...

Desai, Mihir A., Foley, C. Fritz, Forbes, Kristin J.

This article examines how financial constraints and product market exposures determine the response of multinational and local firms to sharp depreciations. U.S. multinational affiliates increase...

Financial Constraints and Growth: Multinational and Local Firm Responses to Currency Depreciations (2007)

Desai, Mihir A., Foley, C. Fritz, Forbes, Kristin J.

This paper examines how financial constraints and product market exposures determine the response of multinational and local firms to sharp depreciations. U.S. multinational affiliates increase...

Capital Controls, Liberalizations, and Foreign Direct Investment (2006)

Desai, Mihir A., Foley, C. Fritz, Hines, James R.

This article evaluates the impact of capital controls and their liberalization on the activities of US multinational firms. These firms attempt to circumvent capital controls by reducing reported...

Capital Controls, Liberalizations, and Foreign Direct Investment (2006)

Desai, Mihir A., Foley, C. Fritz, Hines, James R.

This paper evaluates the impact of capital controls and their liberalization on the activities of U.S. multinational firms. These firms attempt to circumvent capital controls by reducing reported...

Foreign Direct Investment and the Domestic Capital Stock (2005)

Mihir A. Desai, C. Fritz Foley, James R. Hines, Mihir A. Desai, C. Fritz, Foley James, ...

Yeaple for helpful comments.

STOCK MARKET VALUATIONS AND FOREIGN DIRECT INVESTMENT (2004)

STOCK MARKET VALUATIONS AND FOREIGN DIRECT INVESTMENT (2004)

We outline and test two theories of foreign direct investment based on capital market mispricing. The “cheap assets” or “fire-sale” theory considers FDI inflows as the purchase of undervalued...

The Stock Market and Investment: Evidence from FDI Flows (2004)

We outline and test two theories of foreign direct investment based on capital market mispricing. The “cheap assets” or “fire-sale” theory considers FDI inflows as the purchase of undervalued...

The Stock Market and Investment: Evidence from FDI Flows (2004)

Foreign direct investment offers a rich laboratory in which to study the broader economic effects of securities market mispricing. We outline and test two mispricing-based theories of FDI. The...

Capital Controls, Liberalizations, and Foreign Direct Investment (2004)

Foreign direct investment offers a rich laboratory in which to study the broader economic effects of securities market mispricing. We outline and test two mispricing-based theories of FDI. The...

Foley, C. Fritz

This paper evaluates the impact of capital controls and their liberalization on the activities of U.S. multinational firms. These firms attempt to circumvent capital controls by reducing reported...

2004): “Financial Constraints and Growth: Multinational and Local Firm Responses to Currency Crises,” NBER Working Paper No. W10545 (2004)

Mihir A. Desai, C. Fritz Foley, Kristin J. Forbes, Greg Brown, Anusha Chari, Serdar Dinc, ...

The statistical analysis of firm-level data on U.S. multinational companies was conducted at the International Investment Division, Bureau of Economic Analysis, U.S. Department of Commerce under...

Mihir A. Desai, C. Fritz Foley, James R. Hines, Mihir A. Desai, C. Fritz Foley, James R. Hines

The statistical analysis of firm-level data on U.S. multinational companies was conducted at the International Investment Division, Bureau of Economic Analysis, U.S. Department of Commerce under...

is given to the source. Repatriation Taxes and Dividend Distortions (2001)

Mihir A. Desai, C. Fritz Foley, James R. Hines, Mihir A. Desai, C. Fritz Foley, James R. Hines

The statistical analysis of firm-level data on U.S. multinational companies was conducted at the International Investment Division, Bureau of Economic Analysis, U.S. Department of Commerce under...

A multinational perspective on capital structure choice and internal capital markets. Unpublished Working Paper (1998)

Mihir A. Desai, C. Fritz Foley, James R. Hines, Mihir A. Desai, C. Fritz, Foley James, ...

The statistical analysis of firm-level data on U.S. multinational companies was conducted at the International Investment Division, Bureau of Economic Analysis, U.S. Department of Commerce under...

Do tax havens divert economic activity?

The demand for tax haven operations

Do stronger intellectual property rights increase international technology transfer? Empirical evidence from U.S. firm-level panel data

Branstetter, Lee G., Fisman, Raymond, Foley, C. Fritz

One of the alleged benefits of the recent global movement to strengthen intellectual property rights (IPRs) is that such reforms accelerate transfers of technology between countries. The paper...

Economic Effects of Regional Tax Havens

Capital Controls, Liberalizations, and Foreign Direct Investement

How does the opportunity to use tax havens influence economic activity in nearby non-haven countries? Analysis of affiliate-level data indicates that American multinational firms use tax haven...

Foreign direct investment in a world of multiple taxes

Affiliate-level evidence indicates that American multinational firms circumvent capital controls by adjusting their reported intrafirm trade, affiliate profitability, and dividend repatriations. As a...

Do Stronger Intellectual Property Rights Increase International Technology Transfer? Empirical Evidence from U.S. Firm-Level Data

Lee Branstetter, Raymond Fisman, C. Fritz Foley

This paper examines how technology transfer within U.S. multinational firms changes in response to a series of IPR reforms undertaken by 16 countries over the 1982-1999 period. Analysis of detailed...

Foreign Direct Investment and the Domestic Capital Stock

Mihir C. Desai, C. Fritz Foley, James R. Hines Jr.

This paper evaluates evidence of the impact of outbound foreign direct investment (FDI) on domestic investment rates. OECD countries with high rates of outbound FDI in the 1980s and 1990s exhibited...

Foreign Direct Investment and Domestic Economic Activity

Capital Structure with Risky Foreign Investment

How does rising foreign investment influence domestic economic activity? Firms whose foreign operations grow rapidly exhibit coincident rapid growth of domestic operations, but this pattern alone is...

Why do firms hold so much cash? A tax-based explanation

American multinational firms respond to politically risky environments by adjusting their capital structures abroad and at home. Foreign subsidiaries located in politically risky countries have...

C. Fritz Foley, Jay C. Hartzell, Sheridan Titman, Garry Twite

U.S. corporations hold significant amounts of cash on their balance sheets, and these cash holdings have been justified in the existing empirical literature by transaction costs and precautionary...

Capital Controls, Liberalizations, and Foreign Direct Investment

Intellectual Property Rights, Imitation, and Foreign Direct Investment: Theory and Evidence

This article evaluates the impact of capital controls and their liberalization on the activities of US multinational firms. These firms attempt to circumvent capital controls by reducing reported...

Lee Branstetter, Raymond Fisman, C. Fritz Foley, Kamal Saggi

This paper theoretically and empirically analyzes the effect of strengthening intellectual property rights in developing countries on the level and composition of industrial development. We develop a...

Multinational Firms, FDI Flows and Imperfect Capital Markets

Pol AntrÃ s, Mihir A. Desai, C. Fritz Foley

This paper examines how costly financial contracting and weak investor protection influence the cross-border operational, financing and investment decisions of firms. We develop a model in which...

A Multinational Perspective on Capital Structure Choice and Internal Capital Markets

MIHIR A. DESAI, C. FRITZ FOLEY, JAMES R. HINES

This paper analyzes the capital structures of foreign affiliates and internal capital markets of multinational corporations. Ten percent higher local tax rates are associated with 2.8% higher...

Foreign Direct Investment and the Domestic Capital Stock

The costs of shared ownership: Evidence from international joint ventures

Do Stronger Intellectual Property Rights Increase International Technology Transfer? Empirical Evidence from U. S. Firm-Level Panel Data

Lee G Branstetter, Raymond Fisman, C. Fritz Foley

This paper examines how technology transfer within U. S. multinational firms changes in response to a series of IPR reforms undertaken by sixteen countries over the 1982-1999 period. Analysis of...

Welfare Payments and Crime

C. Fritz Foley

This paper tests the hypothesis that the timing of welfare payments affects criminal activity. Analysis of daily reported incidents of major crimes in twelve U.S. cities reveals an increase in crime...

Repatriation Taxes and Dividend Distortions

Dividend Policy inside the Firm

This paper analyzes the effect of repatriation taxes on dividend payments by the foreign affiliates of American multinational firms. The United States taxes the foreign incomes of American companies,...

International Joint Ventures and the Boundaries of the Firm

This paper analyzes dividend remittances by a large panel of foreign affiliates of U.S. multinational firms. The dividend policies of foreign affiliates, which convey no signals to public capital...

Chains of Ownership, Regional Tax Competition, and Foreign Direct Investment

This paper analyzes the determinants of partial ownership of the foreign affiliates of U.S. multinational firms and, in particular, why partial ownership has declined markedly over the last 20 years....

A Multinational Perspective on Capital Structure Choice and Internal Capital Markets

This paper considers the effect of taxation on the location of foreign direct investment (FDI) and taxable income reported by multinational firms with particular attention to the regional dynamics of...

Financial Constraints and Growth: Multinational and Local Firm Responses to Currency Crises

This paper examines the impact of local tax rates and capital market conditions on the level and composition of borrowing by foreign affiliates of American multinational corporations. The evidence...

Mihir A. Desai, C. Fritz Foley, Kristin J. Forbes

This paper studies the effects of financial constraints on firm growth by investigating if large depreciations differentially impact multinational affiliates and local firms in emerging markets. U.S....

The Stock Market and Investment: Evidence from FDI Flows

Malcolm Baker, C. Fritz Foley, Jeffrey Wurgler

Foreign direct investment offers a rich laboratory in which to study the broader economic effects of securities market mispricing. We outline and test two mispricing-based theories of FDI. The cheap...

The Comovement of Returns and Investment Within the Multinational Firm

Facts and Fallacies about U.S. FDI in China

Can financial integration, particularly the cross-border investments of multinational firms, help explain the synchronization of business cycles? This paper presents evidence on the comovement of...

Lee Branstetter, C. Fritz Foley

Despite the rapid expansion of U.S.-China trade ties, the increase in U.S. FDI in China, and the expanding amount of economic research exploring these developments, a number of misconceptions distort...

Financial Constraints and Growth: Multinational and Local Firm Responses to Currency Depreciations

Mihir A. Desai, C. Fritz Foley, Kristin J. Forbes

This article examines how financial constraints and product market exposures determine the response of multinational and local firms to sharp depreciations. U.S. multinational affiliates increase...

The Evolution of Corporate Ownership After IPO: The Impact of Investor Protection

C. Fritz Foley, Robin Greenwood

Recent research documents that ownership concentration is higher in countries with weak investor protection. However, drawing on panel data on corporate ownership in 34 countries between 1995 and...

Multinationals as Arbitrageurs: The Effect of Stock Market Valuations on Foreign Direct Investment

Malcolm Baker, C. Fritz Foley, Jeffrey Wurgler

Empirical evidence of imperfect integration across world capital markets suggests a role for cross-border arbitrage by multinationals. Consistent with multinational arbitrage as a determinant of...

Domestic Effects of the Foreign Activities of US Multinationals

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

Do firms investing abroad simultaneously reduce their domestic activity? This paper analyzes the relationship between the domestic and foreign operations of US manufacturing firms between 1982 and...

Dhammika Dharmapala, C. Fritz Foley, 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...

Regional Trade Integration and Multinational Firm Strategies

Pol AntrÃ s, C. Fritz Foley

This paper analyzes the effects of the formation of a regional trade agreement on the level and nature of multinational firm activity. We examine aggregate data that captures the response of U.S....

The Comovement of Returns and Investment within the Multinational Firm

The Costs of Shared Ownership: Evidence from International Joint Ventures