000			01321nam a22001577a 4500
999			_c514175 _d514175
008			201012b ||||| |||| 00| 0 eng d
100			_aLiu, Li _918560
245			_aWhere does multinational investment go with territorial taxation: evidence from the United Kingdom
260			_aAmerican Economic Journal: Economic Policy
300			_a12(1), Feb, 2020: p. 325-58
520			_aIn 2009, the United Kingdom changed from a worldwide to a territorial tax system, abolishing dividend taxes on foreign repatriation from many low-tax countries. This paper assesses the causal effect of territorial taxation on real investments, using a unique dataset for multinational affiliates in 27 European countries and employing the difference-in-differences approach. It finds that the territorial reform has increased the investment rate of UK multinationals by 16.7 percentage points in low-tax countries. In the absence of any significant investment reduction elsewhere, the findings represent a likely increase in total outbound investment by UK multinationals.- Reproduced
650			_aMultinational firms, International business, Capital budgeting, Fixed investment and inventory studies _918561
773			_aAmerican Economic Journal: Economic Policy
906			_aINTERNATIONAL TRADE - UNITED KINGDOM
942			_cAR