The tax rules of the United States and of foreign countries affect multinational
corporations in a variety of ways. Researchers at the National Bureau of Eco-
nomic Research have been studying the impact of taxation on multinational
corporations for several years. From time to time, the results of this research
have been presented at NBER conferences and subsequently published in
NBER volumes. The papers in the current volume, which were presented at
such a conference in January 1994, were the result of studies during the previ-...
Given recent seismic upheavals in the world’s money markets, an updated edition of an
authoritative, reliable textbook on the international law of foreign investment has rarely
been so timely. Sornarajah’s classic text surveys how international law has developed to
protect foreign investments by multinational actors and to control any misconduct on
their part. It analyses treaty-based methods, examining the effectiveness of bilateral and
regional investment treaties.
Currency exchange is very attractive for both the corporate and individual
traders who make money on the Forex - a special financial market assigned for
the foreign exchange. The following features make this market different in
compare to all other sectors of the world financial system:
• heightened sensibility to a large and continuously changing number of
Such studies show how writers' cultural backgrounds influence their organisation of writing; what they
choose to use as evidence in supporting their main ideas; how they express their main ideas; and how they
write in the foreign language (Benda, 1999). They also show how different rhetorical preferences are
reflected in textual organisation in different languages (Grabe & Kaplan, 1989).
Foreign direct investment may improve productivity through technology
transfer on the one hand, and it may also have other positive external effects through
corporate linkages (e.g. market access, or improved terms of financing) on the other
hand, thus promoting economic growth. These beneficial effects are not automatic,
though. Until the mid-nineties Hungary had played a leading role within the region
in attracting investments. After 1999, however, the country started accumulating
increasing competitive disadvantages as compared to its competitors.
Bonds pay fixed coupon (interest) payments at fixed intervals (usually every 6 months) and pay the par value at maturity.
Debentures - unsecured bonds.
Subordinated debentures - unsecured “junior” debt.
Mortgage bonds - secured bonds.
Zeros - bonds that pay only par value at maturity; no coupons.
Junk bonds - speculative or below-investment grade bonds; rated BB and below. High-yield bonds.
Eurobonds - bonds denominated in one currency and sold in another country. (Borrowing overseas).
example - suppose Disney decides to sell $1,000 bonds in France. These are U.S.
One of the basic building blocks for managing a successful treasury department
is the establishment of a comprehensive set of treasury policies. Such
policies define the principal financial risks a company is facing and how these
risks will be managed by the treasury department. Chapter 1 covers the process
of identifying and measuring these risks.
The Mexican legal system is a mixture of U.S. constitutional theory within a civil law system.
Mexico’s legal framework concerning real property includes the Federal Constitution, Federal
Civil Code, state civil codes, municipal laws and ordinances. Additionally, the Foreign Investment
Law and Foreign Investment Law Regulations regulate foreign investment. In Mexico, real
property is classified as either public, private or communal, the nature of which will affect the
property’s use and potential alienation.
This volume includes eleven papers that were prepared as part of a research
project on International Aspects of Taxation by the National Bureau of
Economic Research. The papers examine the role of taxation in cross-border
flows of capital and goods, the real and financial decisions of multinational
corporations, and the implications of growing economic interdependence for
a country’s choice of a tax system. These papers were presented at a
In the aftermath of World War II, the United States enjoyed an easy
preeminence in the world economy. Neither the US education system, nor
the US tax system, nor American savings habits were criticized on
grounds of international competitiveness. During the 1980s, however,
Americans took notice of their faults as Japan and the European Union
both seemed destined to challenge US preeminence. For different reasons
neither Japan nor the European Union prospered during the 1990s but the
US economy thrived on a technology boom.
The Basel paper on interest rate risk divides the responsibilities for interest
rate risk management and oversight among the supreme management body and
senior management. In the context of Austrian corporate law, the senior
management would be the directors of a credit institution authorized to
manage and legally represent it under Article 2 No 1 of the Austrian Banking
This study provides an overview and extensive analysis of company taxation in the
Asia-Paciﬁc region, India, and Russia. It is not limited to a description of the
taxation systems, but goes on to analyse the effective tax rates and their inﬂuence
on foreign direct investment. For the ﬁrst time the renowned methodology of
Devereux/Grifﬁth for determining effective tax rates has been applied to the
Asia-Paciﬁc region, India, and Russia in an international comparison. This meth-
odology is now the standard approach to measuring effective tax burdens within the
A public company is a company that is not a private company. A public company may offer its
shares to the general public and no limit is placed on the number of members. A private
company that is a subsidiary of a company that is not a private company is also a public
company. However, the status of a private subsidiary with more than one shareholder, where one
is a foreign corporate body (holding company) and the other shareholder is not, depends on the
status of its holding company.
A “section 25” company is a company formed for the purpose...
The insured event must be specified, i.e. the event cannot be a general protection
against adverse deviations from targets, but must be explicitly or implicitly
described in the contract. Where the contract provides an option to extend cover,
this will only qualify as insurance risk at the start of the contract if the contract
specifies the terms of the extended cover. The probability that the option will be
exercised is taken into consideration when assessing the significance of the future
Acquisition of stocks or shares of Korean corporations (Article 2.(1).4.(a) of the Foreign Investment
Promotion Act, FIPA)
◦A foreign national purchasing stocks or shares of a Korean corporation (including a Korean
corporation in the process of incorporation. Hereinafter the same shall apply) or a company run
by a Korean national, for the purpose of establishing a continuous economic relationship with and
participating in the management of the said Korean corporation or company.
Interest rate risk remains high for banks because of a duration mis-
match between deposits relative to banks’ holdings of government
securities and certain housing loans. Exchange rate risk is less of a
concern as banks have only a small net foreign exchange position
and hedges are generally considered to be with strong institutions.
In addition, large Turkish corporates have high foreign-exchange
(FX) liabilities, often to foreign lenders, more willing to provide
financing as markets stabilised after the crisis in 2001.
The effectively connected income of a foreign corporation or international investor is taxed on a net basis at
graduated rates like those applicable to U.S. corporations, citizens, and residents.
Generally, U.S. source income is ECI if one of two alternative tests -- the business-activities test and the assetuse
test -- is met. The business-activities test looks to whether the activities of the U.S. business are a material
factor in generating the income. The asset-use test looks to whether the income is derived from assets used or
held for use in the conduct of a U.S. business.
This paper uses interest rate data that cover a longer period and that are based on more harmonised
principles than those used by previous pass-through studies for the euro area. We find that stronger
competition implies significantly lower interest rate spreads for most loan market products, as we
It is clear from such a deﬁnition that unusual event de-
tection entails a number of challenges. The rarity of an un-
usual event means that collecting sufﬁcient training data for
supervised learning will often be infeasible, necessitating
methods for learning from small numbers of examples. In
addition, more than one type of unusual event may occur
in a given data sequence, where the event types can be ex-
pected to differ markedly from one another.