NBER Working Paper: Redrawing the Map of Global Capital Flows: The Role of Cross-Border Financing and Tax Havens
Author(s):Antonio Coppola, Matteo Maggiori, Brent Neiman, and Jesse Schreger Date:March 2020 Abstract: Global firms finance themselves through foreign subsidiaries, often shell companies in tax havens, which obscures their nationality in aggregate statistics. We associate the universe of traded securities with their issuer’s ultimate parent and restate bilateral investment positions to better reflect the true financial[…]