This paper aims at providing a comprehensive overview of existing literature on the topic of comparability adjustments. Based on existing literature the most commonly used adjustments can be categorized in two broad categories: "accounting and financial risks adjustments" and "strategic/market adjustments". With the exception of working capital adjustments, the lack of guidance and recognized standardized application will quite possibly lead to continued discrepancies in their use. Taxpayers continue to struggle with the immense amount of documentation as well as justification requirements when it comes to adjustments, as there is no clear path to follow and very few practical application examples, which would unify the application of adjustments. As seen, even though the topic of comparability adjustments has been around since before the first version of the OECD TP Guidelines, the topic is yet to be fully explored in both official guidance as well as literature, research and especially practical tools. / Series: WU International Taxation Research Paper Series

This article investigates the determinants of subsidiaries' profitability using a unique dataset of more than 23,000 listed and unlisted subsidiaries worldwide over the period 1994-2005. We find that profitable parent companies are able to transfer some of the intangible assets that make them profitable to their subsidiaries. Our results indicate that good institutions (measured by the Worldwide Governance Indicators) are associated with better performance for companies' subsidiaries. When we categorize countries in terms of the origins of their legal systems, we also find that this dimension of institutional quality is generally associated with better performance. Controlling for both legal origins and country governance institutions, we find that both sets of institutions are significantly related to subsidiaries' performance, and that there is an overlap in their explanatory power. (authors' abstract)

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I examine whether and to what extent tax uncertainty affects a firm's dividend payouts. Based on the argument that tax uncertainty impairs the persistence and predictability of after-tax cash flows, I hypothesize and find that firms with greater tax uncertainty exhibit a lower probability of dividend payouts. The effect of tax uncertainty is stronger in the presence of financial constraints and weaker for firms that distribute dividends to alleviate agency conflicts. Furthermore, I find a negative effect of tax uncertainty on dividend levels, which is moderated by the costs of dividend reductions. These results are economically meaningful as a one standard deviation higher tax uncertainty leads to a 9.9 percentage point lower probability and a $23.6 million reduction in dividend payouts. Taken together, my findings document a real effect of tax avoidance and contribute to the understanding of interactions between uncertain tax avoidance and a firm's financial ecosystem. / Series: WU International Taxation Research Paper Series

Using data from twelve countries in the European Union over a 13-year period (2002-2015) with 9,707 observations, the effect of multinationality and the crisis on cash holdings is examined in a European setting. Both firm and country characteristics of firms are taken into account. This research contributes to the fields of risk management in the area of cash holdings and multinationality. Findings suggest that the cash ratio of companies is not significantly related to multinationality or the financial crisis. Moreover, findings show that, when taking determinants of cash holdings into account, Dutch firms have significantly higher cash holdings than eight out of eleven countries in the sample.

Yes / This study examines stock market reaction to the announcement of various forms of seasoned issues in China. Our empirical evidence demonstrates that market reactions differ in ways that suggest a difference between management's internal assessment and the market's assessment of the stock price. The market responds unfavourably to the announcement, notably in the case of rights issues and also with regard to open offers. Private placements experience an unfavourable pre‐announcement reaction, which contrasts with the favourable reaction after the event. Convertible bond issues generate positive excess returns consistent with the market's confidence that they can help to align management and shareholders’ interests. Further investigation shows that market reaction is related to factors specific to the issuer and issue by reference to the period immediately surrounding the issue. Specifically, ownership concentration, agency matters connected with equity offerings, investor protection connected with fund allocation and security pricing, and the influence of powerful moneyed interests together provide an instructive insight into market reaction. Institutional inefficiency pertaining to underwriting, auditing, analysts’ forecasts and credit ratings are found to have a weak association with market price, consistent with due public scepticism concerning management and their gatekeepers.

Corporate Growth is a concept that has been widely treated in a specific way or as part of strategy theories, in definition and in econometric models and has also been studied in many different aspects and approaches. The author describes in depth the main variables affecting corporate growth and the underlying business processes. This empirical research has focused on Sales, Profit-Cash Flow, Risk, Created Shareholder Value, Market Value and Overall Performance econometric models. These panel data models are based on the 500 Companies of the Standard & Poor’s 500. The methodology used has been very strict in identifying exogenous variables, walking through the different alternative econometric models, discussing results, and, in the end, describing the practical implications in today’s business corporate management. We basically assume that the Functions/Departments act independently in the same company, many times with different objectives, and in this situation clear processes are key to clarify the situations, roles and responsibilities. We also assume that growth implies interactions among the different functions in a company and the CEO acts to lead and coach his immediate Directors as a referee of the key conflicts through his Operating Mechanism. The objective of this PhD Dissertation is to clarify the business priorities and identify the most relevant variables in every process leading to the highest efficiency in reaching a sustainable and profitable growth. It covers the lack of academic studies on the nature and specific driving factors of corporate growth and provides a working framework for Entrepreneurs and Management leading to the Company’s success.

In this thesis, patterning methods to fabricate various functional particle patterns on substrates were developed, with the main aim of modifying the properties and functions of the substrates. Two classes of model substrates were selected; topographically patterned and smooth substrates. For the first model system, i.e., topographically patterned substrates, replication molding was used to topographically pattern substrates of different materials. The topographically patterned substrates, including TiO2, block-copolymer substrates (PS-b-P2VP and PS-b-P4VP), and microrings (TiO2 and Au), were then used to assemble silica (SiO2) microparticles for functional applications. By the assembly of microparticles on topographically patterned substrates, the wettability of the former could be reversibly switched from hydrophobic to hydrophilic. Moreover, a platform for the preparation of Janus particles by orthogonal functionalization of the top and bottom sides of microparticles assembled on topographically patterned substrates was developed. Clusters of superparamagnetic nanoparticles were stamped on the second class of model substrates, i.e., smooth silanized silicon substrates. A capillary stamping approach combined with an external permanent magnetic field or electromagnets was realized to print magnetic nanoparticle-based inks. In this way, ordered arrays of clusters of magnetic nanoparticles were produced.