Submitted by Daniele Santos (danielesantos.htl@gmail.com) on 2015-12-22T14:11:03Z No. of bitstreams: 1 Ashley.pdf: 3717036 bytes, checksum: fc187a3c5d98cd64509bdbad08f8362e (MD5) / Approved for entry into archive by Janete de Oliveira Feitosa (janete.feitosa@fgv.br) on 2015-12-28T19:03:08Z (GMT) No. of bitstreams: 1 Ashley.pdf: 3717036 bytes, checksum: fc187a3c5d98cd64509bdbad08f8362e (MD5) / Approved for entry into archive by Marcia Bacha (marcia.bacha@fgv.br) on 2016-01-06T17:42:30Z (GMT) No. of bitstreams: 1 Ashley.pdf: 3717036 bytes, checksum: fc187a3c5d98cd64509bdbad08f8362e (MD5) / Made available in DSpace on 2016-01-06T17:43:06Z (GMT). No. of bitstreams: 1 Ashley.pdf: 3717036 bytes, checksum: fc187a3c5d98cd64509bdbad08f8362e (MD5) Previous issue date: 2015-10-26 / Even though the term corporate inversion has been heard globally for decades, it has only become more prevalent in the United States during the past two years. This case study examines two United States companies that recently had very high profile and public corporate inversion experiences. Complicated tax laws and high tax rales have long eroded the ability of United States companies to remain competitive on a global scale. During the past two years, tax reform has been elevated to the Presidential and Congressional levei. Because these reform efforts have stalled, however, and in the constant search for ways to become more competitive and profitable, United States dorniciled companies have begun to more aggressively explore corporate inversion. This case study of Walgreens Alliance Boots and Mylan N.V., is undertaken because while the reasons to pursue a corporate inversion for both companies were very similar and done during the same time period, the internai process and final outcome were dramatically different. The other dynamic studied is the role both internai and externai politics had on these two cornpanies and how they influenced the decisions made by the executives. Lastly, the Obama Administration continues to threaten so called 'corporate America' to remain in the country through regulatory pressure, but this has not stopped companies frorn pursing corporate inversions. Legislatively, attempts at corporate tax reform, another way to encourage Untied States companies to remain, have also failed. I will not try to determine i f a corporate inversion is the right path for a company to take. I am examining how the rise o f the practice o f corporate inversions has been elevated in boardroorns, on Wall Street, in Congress and at the White House during the past two years.

Submitted by Gisele Walczak Galilea (gisele.galilea@fgv.br) on 2018-10-23T22:07:28Z No. of bitstreams: 1 Tese_Gisele Walczak Galilea.pdf: 1602145 bytes, checksum: becddc09f9a7474e04fcdafb7f7ff6fb (MD5) / Rejected by Debora Nunes Ferreira (debora.nunes@fgv.br), reason: Prezada, Referente ao trabalho postado, peço a gentileza, após do Abstract, peço a gentileza, incluir o resumo. Qualquer dúvida, estou à disposição. Atenciosamente, Débora. on 2018-10-29T14:13:09Z (GMT) / Submitted by Gisele Walczak Galilea (gisele.galilea@fgv.br) on 2018-10-29T16:28:32Z No. of bitstreams: 1 Tese_Gisele Walczak Galilea.pdf: 1605054 bytes, checksum: 40a69fe5e50c332c823f926b12ddcb93 (MD5) / Approved for entry into archive by Debora Nunes Ferreira (debora.nunes@fgv.br) on 2018-10-30T14:34:32Z (GMT) No. of bitstreams: 1 Tese_Gisele Walczak Galilea.pdf: 1605054 bytes, checksum: 40a69fe5e50c332c823f926b12ddcb93 (MD5) / Approved for entry into archive by Suzane Guimarães (suzane.guimaraes@fgv.br) on 2018-10-30T17:36:45Z (GMT) No. of bitstreams: 1 Tese_Gisele Walczak Galilea.pdf: 1605054 bytes, checksum: 40a69fe5e50c332c823f926b12ddcb93 (MD5) / Made available in DSpace on 2018-10-30T17:36:45Z (GMT). No. of bitstreams: 1 Tese_Gisele Walczak Galilea.pdf: 1605054 bytes, checksum: 40a69fe5e50c332c823f926b12ddcb93 (MD5) Previous issue date: 2018-09-27 / While firms are looking for tax savings through the choice of investment projects (i.e., through investments in new foreign subsidiaries in countries with the lowest tax rate), countries are aware that firms are sensitive to tax factors and thus adopt instruments such as tax deferral to prevent the 'flight' of capital. However, by discouraging repatriation, this tax instrument promotes 'multinationals' flight' (i.e., the corporate inversion of multinationals). This paper demonstrates that instruments such as tax deferral accelerate the process of 'multinational flight of the home country'. Using both a reduced form analysis and a dynamic structural model, we find that multinationals in countries with a worldwide system of taxation and tax deferral have a greater incentive to avoid residual taxation of foreign earnings in the home country and therefore repatriate less than half of their foreign earnings. In turn, this 'nonrepatriation' increased the probability of relocation by 4.4%. / Enquanto as empresas buscam economizar impostos através da escolha de determinados projetos de investimento (ou seja, investindo em novas subsidiárias estrangeiras em países com a menor alíquota de impostos), os países, por sua vez, estão cientes de que as empresas são sensíveis as questões tributárias e adotam instrumentos como diferimento de impostos para impedir o 'voo' do capital. Contudo, ao desencorajar a repatriação, esse instrumento fiscal promove o 'voo das multinacionais' (ou seja, a inversão corporativa das multinacionais). Este trabalho demonstra que instrumentos como o diferimento de impostos aceleram o processo de 'voo da multinacional do país de origem'. Utilizando uma análise na forma reduzida e um modelo estrutural dinâmico, descobrimos que as multinacionais localizadas em países com um sistema mundial de tributação e diferimento de impostos têm um incentivo maior para evitar a tributação residual dos rendimentos estrangeiros no país de origem e, portanto, repatriam menos da metade de seus ganhos estrangeiros. Essa 'não-repatriação', por sua vez, aumenta a probabilidade de realocação em 4,4%.