Tax differentials and inflow of foreign direct investments : evidence from foreign operations of U.S. multinational companies

This paper concerns the measurement of the impact of tax differentials across countries on inflow of Foreign Direct Investment (FDI) by using comprehensive data on the foreign operations of U.S. multinational corporations that has been collected by the Bureau of Economic Analysis (BEA), the U.S. Department of Commerce. In particular, this research focuses on examining: (1) how responsive FDI locations are to tax differentials across countries, (2) how different the tax effect on FDI inflow is between developed and developing countries, and (3) whether investment location decisions have become more or less sensitive to tax differences between countries over time ranging from the late 1990s to the early 2000s. Estimation results suggest that high rates of corporate income taxation are associated with reduced foreign assets of U.S. multinational firms in all industries by decreasing the return to foreign asset investment. Further, foreign assets of U.S. multinationals in all industries have become more responsive to non-income tax differentials across countries than to income tax differences from 1999 to 2004. Empirical estimates also indicate that foreign investment by American firms is associated with higher tax sensitivity more in developed countries than in those that are developing.Developing countries, United States, Foreign investments, International business enterprises, Taxation, Tax differentials, FDI inflow, Developed/Developing countries, Income/Non-income taxation, Developed countries

Tax differentials and inflow of foreign direct investments : evidence from foreign operations of U.S. multinational companies

This paper concerns the measurement of the impact of tax differentials across countries on inflow of Foreign Direct Investment (FDI) by using comprehensive data on the foreign operations of U.S. multinational corporations that has been collected by the Bureau of Economic Analysis (BEA), the U.S. Department of Commerce. In particular, this research focuses on examining: (1) how responsive FDI locations are to tax differentials across countries, (2) how different the tax effect on FDI inflow is between developed and developing countries, and (3) whether investment location decisions have become more or less sensitive to tax differences between countries over time ranging from the late 1990s to the early 2000s. Estimation results suggest that high rates of corporate income taxation are associated with reduced foreign assets of U.S. multinational firms in all industries by decreasing the return to foreign asset investment. Further, foreign assets of U.S. multinationals in all industries have become more responsive to non-income tax differentials across countries than to income tax differences from 1999 to 2004. Empirical estimates also indicate that foreign investment by American firms is associated with higher tax sensitivity more in developed countries than in those that are developing

ジョンロック ニオケル ジアイ ノ ケンリ ソノ セイシツ ト ヤクワリ ニツイテ ノ ケントウ

This paper considers Locke’s concept of a right to charity which figures inhis system of political theory. There are three questions to be considered. First,what does Locke mean by a ‘right to charity’? Second, what roles does it playin his political theory? Third, how is the right to charity, or a correlative duty ofcharity, to be realized in political society? In dealing with the third question, Iwill not only clarify Locke’s own position but also try to unfold its implicationsby reconstructing his arguments.The right to charity, as Locke sees it, is a natural right. The natural right is tobe preserved in political society. A government is expected to preserve eachperson’s natural rights; or more precisely, his ‘property’ in the broad sense, i.e.his life, liberty, and estate. The right to charity is a means to preserve each person’slife and liberty. However, we tend to lose sight of this fact, since we oftenconfine our attention to the last item of property, i.e. each one’s estate or hisexternal goods.This paper tries to make it clear that the right to charity enables a poor personto request rich people to transfer some of their goods. This right serves topreserve his life, while it functions to secure his voluntary consent and the libertyof his choice. Life and the liberty of choice are essential to Locke’s propertytheory. Locke did not seem to assign a government the task of realizing thepoor person’s right to charity. However, since the end of political society is topreserve each person’s ‘property’ which includes his life and liberty, it followsthat a government can legitimately transfer goods from rich people to poor peopleinsofar as it is required by that end

Toward the Creation of Highly Active Photocatalysts That Convert Methane into Methanol

Methane exists abundantly around Japan as methane hydrate. As the effective use of such methane, the conversion of methane into methanol has recently attracted much attention. Photocatalytic reaction is one of the methods which convert methane into methanol without using much energy. However, it is indispensable to improve the photocatalytic activity for their practical use. Our group has attempted to improve the activity of mesoporous tungsten trioxide and titanium dioxide (m-WO3 and m-TiO2) photocatalysts, which convert methane into methanol, by loading the ultrafine metal clusters as cocatalyst on the photocatalysts. As a result, we have succeeded in loading ultrafine metal-cluster cocatalysts onto m-WO3 and m-TiO2 and thereby improving their photocatalytic activity. Our study also demonstrated that the kind of metal element suitable for each photocatalyst depends on the kind of the photocatalysts, and thereby it is important to select the metal clusters suitable for each photocatalyst for improving its photocatalytic activity