Private Equity Fund Debt: Agency Costs and Cash Flow Management

Journal of Financial and Quantitative Analysis · 2026-05-07

The real and financial effects of internal liquidity: Evidence from the Tax Cuts and Jobs Act

Journal of Financial Economics · 2025-02-08 · 9 citations

Capital Call Facilities

2025-01-01

Income Shifting out of the United States by Foreign Multinational Firms

Review of Financial Studies · 2025-04-09 · 2 citations

Abstract I find that foreign multinational firms engage in tax-motivated income shifting out of the United States. The analysis uses novel data on foreign-owned U.S. subsidiaries as well as variation in foreign countries’ tax rates and controlled foreign corporation rules. Foreign multinational firms primarily rely on tax-motivated transfer pricing to shift income out of the United States, and the aggregate amount of shifted income is modest. When foreign tax policy changes inhibit income shifting, foreign-owned U.S. subsidiaries’ investment and employment fall. The results indicate that the U.S. economy has limited exposure to tax policies set abroad through foreign direct investment in the United States.

Capital Call Facilities

SSRN Electronic Journal · 2024-01-01

Capital Call Facilities

2024-01-01 · 1 citations

The Real and Financial Effects of Internal Liquidity: Evidence From the Tax Cuts and Jobs Act

SSRN Electronic Journal · 2023 · 13 citations

• Business
• Finance
• Monetary economics

Foreign investment of US multinationals: The effect of tax policy and agency conflicts.

Journal of Financial Economics · 2021 · 46 citations

• Monetary economics
• Business
• Economics

Does Intergenerational Mobility Increase Corporate Profits?

Finance and Economics Discussion Series · 2019-11-01

We find that firms located in areas with higher intergenerational mobility are more profitable. Building off the work of Chetty and Hendren (2018a and 2018b)—who provide measures of intergenerational mobility for all commuting zones (essentially, metropolitan areas) within the U.S.—we are the first to show the positive association between intergenerational mobility and corporate profitability. Our regressions compare firms in the same industry at the same point in time and fully control for time-varying state-level shocks. As such, our findings cannot be explained by either differences in industry composition across localities or by variation in state-level economic conditions; nor can our results be explained by differences in firm characteristics or by local economic conditions. Rather, we argue that our findings are best explained by intergenerational mobility influencing human capital formation. Areas with higher mobility do a better job in unlocking their residents’ innate talents, which in turn is associated with improved performance by locally headquartered firms. In essence, our results uncover a positive link between greater equality of opportunity and increased corporate profitability.

Distorting Private Equity Performance: The Rise of Fund Debt

SSRN Electronic Journal · 2019-01-01 · 11 citations