The papers listed below report results from research by academic economists who were granted access to BEA's business confidential data on multinational firms and cross-border trade in services as nonpaid special sworn employees of the Bureau. The papers are listed in reverse chronological order under the following two categories: (i) published papers (including papers that are forthcoming in identified publications) and (ii) unpublished papers issued under an institutional working paper series.

The views expressed in these papers are solely those of the authors and do not necessarily reflect views of the U.S. Bureau of Economic Analysis or the U.S. Department of Commerce.

Published Papers

Conflicting Transfer Pricing Incentives and the Role of Coordination

Jennifer L. Blouin, Leslie A. Robinson, and J. Seidman
Forthcoming in Contemporary Accounting Research

The Distributional Consequences of Preferential Trade Liberalization: Firm-level Evidence

Leonardo Baccini, Pablo Pinto, and Stephen Weymouth
International Organization 71, no. 2 (Spring 2017): 397-418

Replicating the Multinationality-Performance Relationship: Is There an S-Curve?

Heather Berry and Aseem Kaul
Strategic Management Journal 37, no. 11 (November 2016): 2275-2290

Taxes and Leverage at Multinational Corporations

Michael Faulkender and Jason M. Smith
Journal of Financial Economics 122, no. 1 (October 2016): 1-20

Intellectual Property Protection and the Industrial Composition of Multinational Activity

Olena Ivus, Walter G. Park, and Kamal Saggi
Economic Inquiry 54, no. 2 (April 2016): 1068-1085
 

Trade Credit and Taxes

Mihir A. Desai, C. Fritz Foley, and James R. Hines, Jr.
Review of Economics and Statistics 98, no. 1 (March 2016): 132-139

Intrafirm Trade and Vertical Fragmentation in U.S. Multinational Corporations

Natalia Ramondo, Veronica Rappoport, and Kim J. Ruhl
Journal of International Economics 98, no. 1 (January 2016): 51-59

The Influence of Firm Global Supply Chains and Foreign Currency Undervaluations on U.S. Trade Disputes

J. Bradford Jensen, Dennis P. Quinn, and Stephen Weymouth
International Organization 69, no. 4 (Fall 2015): 913-947

U.S. Multinationals and Preferential Market Access

Emily Blanchard and Xenia Matschke
Review of Economics and Statistics 97, no. 4 (October 2015): 839-854

Knowledge Inheritance in Global Industries: The Impact of Parent Firm Knowledge on the Performance of Foreign Subsidiaries

Heather Berry
Academy of Management Journal 58, no. 5 (October 2015): 1438-1458
 

Diversification, Cost Structure, and the Risk Premium of Multinational Corporations

Jose L. Fillat, Stefania Garetto, and Lindsay Oldenski
Journal of International Economics 96, no. 1 (May 2015): 37-54

Global Sourcing and Foreign Knowledge Seeking

Heather Berry and Aseem Kaul
Management Science 61, no. 5 (May 2015): 1052-1071

The Effect of Repatriation Tax Costs on U.S. Multinational Investment

Michelle Hanlon, Rebecca Lester, and Rodrigo Verdi
Journal of Financial Economics 116, no. 1 (April 2015): 179-196

There will be Exports and Licensing: The Effects of Patent Rights and Innovation on Firm Sales

Kristie Briggs and Walter G. Park
Journal of International Trade and Economic Development 23, no. 8 (2014): 1112-1144

Estimating the Impact of Trade and Offshoring on American Workers Using Current Population Surveys

Avraham Ebenstein, Ann Harrison, Margaret McMillan, and Shannon Phillips
Review of Economics and Statistics 96, no. 4 (October 2014): 581-595

Multinational Firms and the Structure of International Trade

Pol Antras and Stephen R. Yeaple
In Gita Gopinath, Elhanan Helpman, and Kenneth Rogoff, eds.
Handbook of International Economics Volume 4, Amsterdam: Elsevier, 2014, 55-130

Patent Laws, Product Lifecycle Lengths, and Multinational Activity

L. Kamran Bilir
American Economic Review 104, no. 7 (July 2014): 1979-2013

Global Integration and Innovation: Multi-Country Knowledge Generation within MNCs

Heather Berry
Strategic Management Journal 35, no. 6 (June 2014): 869-890

The Differential Effects of Bilateral Tax Treaties

Bruce A. Blonigen, Lindsay Oldenski, and Nicholas Sly
American Economic Journal: Economic Policy 6, no. 2 (May 2014): 1-18

Offshoring and the Polarization of the U.S. Labor Market

Lindsay Oldenski
Industrial and Labor Relations Review 67 (May 2014)

Location of Decision Rights Within Multinational Firms

Leslie A. Robinson and Phillip C. Stocken
Journal of Accounting Research 51, no. 5 (December 2013): 1261-1297

Domestic Institutions and the Taxing of Multinational Corporations

Nathan M. Jensen
International Studies Quarterly 57, no. 3 (September 2013): 440-448

The Proximity-Concentration Tradeoff under Uncertainty

Natalia Ramondo, Veronica Rappoport, and Kim J. Ruhl
Review of Economic Studies 80, no. 41 (October 2013): 1582-1621

Ethnic Innovation and U.S. Multinational Firm Activity

C. Fritz Foley and William R. Kerr
Management Science 59, no. 7 (July 2013): 1529-1544

Offshoring, Wages, and Employment: Theory and Evidence

Guru Sethupathy
European Economic Review 62 (August 2013): 73-97
 

The Gravity of Knowledge

Wolfgang Keller and Stephen Ross Yeaple
American Economic Review 103, no. 4 (June 2013): 1414-1444

When Do Firms Divest Foreign Operations?

Heather Berry
Organization Science 24, no. 1 (January-February 2013): 246-261

The Task Composition of Offshoring by U.S. Multinationals

Lindsay Oldenski
International Economics No. 131 (Q3 2012): 5-21

Egalitarianism, Cultural Distance, and Foreign Direct Investment: A New Approach

Jordan I. Siegel, Amir N. Licht, and Shalom H. Schwartz
Organization Science 24, no. 4 (July-August 2013)

Is U.S. Multinational Dividend Repatriation Policy Influenced by Reporting Incentives?

Jennifer L. Blouin, Linda K. Krull, and Leslie A. Robinson
The Accounting Review 87, no. 5 (September 2012): 1463-1491

Export Versus FDI and the Communication of Complex Information

Lindsay Oldenski
Journal of International Economics 87, no. 2 (July 2012): 312-322

North-South Models of Intellectual Property Rights: An Empirical Critique

Walter G. Park
Review of World Economics 148, no. 1 (April 2012): 151-180

Offshoring Jobs? Multinationals and U.S. Manufacturing Employment

Ann E. Harrison and Margaret S. McMillan
Review of Economics and Statistics 93, no. 3 (August 2011): 857-875

Watch What I Do, Not What I Say: The Unintended Consequences of the Homeland Investment Act

Dhammika Dharmapala, C. Fritz Foley, and Kristen J. Forbes
Journal of Finance 66, no. 3 (June 2011): 753-787

Regional Trade Integration and Multinational Firm Strategies

Pol Antras and C. Fritz Foley
In Robert J. Barro and Jong-Wha Lee, ed., Costs and Benefits of Regional Economic Integration, New York, NY: Oxford University Press, 2011, 208-240

Does Intellectual Property Rights Reform Spur Industrial Development?

Lee Branstetter, Raymond Fisman, C. Fritz Foley, and Kamal Saggi
Journal of International Economics 83, no. 1 (January 2011): 27-36

U.S. Environmental Regulation and FDI: Evidence from a Panel of U.S. Based Multinational Firms

Rema Hanna
American Economic Journal: Applied Economics 2, no. 3 (July 2010): 158-89

Facts and Fallacies about U.S. FDI in China

Lee Branstetter and C. Fritz Foley
In Robert C. Feenstra and Shang-Jin Wei, ed., China's Growing Role in World Trade, Chicago: University of Chicago Press, 2010, 513-539

Multinational Enterprises, International Trade, and Productivity Growth: Firm-Level Evidence from the United States

Wolfgang Keller and Stephen R. Yeaple
Review of Economics and Statistics 91, no. 4 (November 2009): 821-831

Multinational Firms, FDI Flows and Imperfect Capital Markets

Pol Antras, Mihir A. Desai, and C. Fritz Foley
Quarterly Journal of Economics 124, no. 3 (August 2009): 1171-1219

Tariff Effects on MNC Decisions to Engage in Intra-firm and Arm’s-length Trade

Susan E. Feinberg and Michael P. Keane
Canadian Journal of Economics 42, no. 3 (August 2009): 900-929

Measuring Network Effects on Trade: A Reexamination

Theresa M. Greaney
Japan and the World Economy 21, no. 3 (August 2009): 219-225

Firm Heterogeneity and the Structure of U.S. Multinational Activity

Stephen Ross Yeaple
Journal of International Economics 78, no. 2 (July 2009): 206-212

MNC Subsidiaries and Country Risk:  Internalization as a Safeguard Against Weak External Institutions

Susan E. Feinberg and Anil K. Gupta
Academy of Management Journal 52, no. 2 (April 2009): 381-399

Domestic Effects of the Foreign Activities of US Multinationals

Mihir A. Desai, C. Fritz Foley, and James R. Hines, Jr.
American Economic Journal: Economic Policy 1, no. 1 (February 2009): 181-203

Factor Prices, Factor Substitution and Exporting in US Manufacturing Affiliates Abroad

Maria Borga and Robert E. Lipsey
The World Economy 32, issue 1 (January 2009): 30-48

Firm Heterogeneity, Central Locations, and the Structure of Foreign Direct Investment

Stephen R. Yeaple
In Elhanan Helpman, Dalia Marin, and Thierry Verdier, eds., The Organization of Firms in a Global Economy, Cambridge, MA: Harvard University Press, 2008, 200-230

Profit Sharing Between Governments and Multinationals in Natural Resource Extraction: Evidence From a Firm-Level Panel

Margaret S. McMillan and Andrew R. Waxman
in Susan Collins, ed., Brookings Trade Forum 2007, Washington, DC: Brookings Institution Press, 2008, 149-175

Financial Constraints and Growth: Multinational and Local Firm Responses to Currency Depreciations

Mihir A. Desai, C. Fritz Foley, and Kristin J. Forbes
Review of Financial Studies 21, no. 6 (November 2008): 2857-2888

Capital Structure with Risky Foreign Investment

Mihir A. Desai, C. Fritz Foley, and James R. Hines, Jr.
Journal of Financial Economics 88, no. 3 (June 2008): 534-553

An Assignment Theory of Foreign Direct Investment

Volker Nocke and Stephen R. Yeaple
Review of Economic Studies 75, no. 2 (April 2008): 529-557

Advances in Logistics and the Growth of Intra-firm Trade: The Case of Canadian Affiliates of U.S. Multinationals, 1984-1995

Michael P. Keane and Susan E. Feinberg
Journal of Industrial Economics 55, no. 4 (December 2007): 571-632

Why Do Firms Hold So Much Cash?  A Tax-Based Explanation

C. Fritz Foley, Jay C. Hartzell, Sheridan Titman, and Gary Twite
Journal of Financial Economics 86, no. 3 (December 2007): 579-607

Dividend Policy Inside the Multinational Firm

Mihir A. Desai, C. Fritz Foley, and James R. Hines, Jr.
Financial Management 36, no. 1 (Spring 2007): 5-26

US Multinational Activity Abroad and US Jobs:  Substitutes or Complements?

Ann E. Harrison, Margaret S. McMillan, and Clair Null
Industrial Relations 46, no. 2 (April 2007): 347-365

The Comovement of Returns and Investment Within the Multinational Firm

Mihir A. Desai and C. Fritz Foley
In Richard H. Clarida, Jeffrey A. Frankel, Fancesco Giavazzi, and Kenneth D. West, eds., NBER International Seminar on Macroeconomics 2004, Cambridge, MA: MIT Press, 2006, 197-230

Dispelling Some Myths about Offshoring

Ann E. Harrison and Margaret S. McMillan
Academy of Management Perspectives 20, no. 4 (2006): 6-22

Accounting for the Growth of MNC-based Trade using a Structural Model of U.S. MNCs

Susan E. Feinberg and Michael P. Keane
American Economic Review 96, no. 5 (December 2006): 1515-1558

Capital Controls, Liberalizations, and Foreign Direct Investment

Mihir A. Desai, C. Fritz Foley, and James R. Hines, Jr.
Review of Financial Studies 19, no. 4 (Winter 2006): 1399-1431

Offshoring, Foreign Direct Investment, and the Structure of U.S. Trade

Stephen Ross Yeaple
Journal of the European Economic Association (Papers and Proceedings) 4, no. 2-3 (April-May 2006): 602-611

The Demand for Tax Haven Operations

Mihir A. Desai, C. Fritz Foley, and James R. Hines, Jr.
Journal of Public Economics 90, no. 3 (February 2006): 513-531

Do Stronger Intellectual Property Rights Increase International Technology Transfer? Empirical Evidence from U.S. Firm-Level Panel Data

Lee Branstetter, Raymond Fisman, and C. Fritz Foley
Quarterly Journal of Economics 121, no. 1 (February 2006): 321-349

The Intra-Firm Trade of U.S. MNCs: Findings and Implications for Models and Policy

Susan E. Feinberg and Michael P. Keane
In M. Blomstrom, E. Graham, and T. Moran, eds., The Impact of Foreign Direct Investment on Development: New Measures, New Outcomes, New Policy Approaches, Washington, DC: Institute for International Economics, 2005, 245-271

Vertical Production Networks in Multinational Firms

Gordon H. Hanson, Raymond J. Mataloni, and Matthew J. Slaughter
Review of Economics and Statistics 87, no. 4 (November 2005): 664-678

International Licensing and the Strengthening of Intellectual Property Rights in Developing Countries During the 1990s

Walter Park and Douglas Lippoldt
OECD Economic Studies 2005, no. 1 (November 2005): 9-52

A Multinational Perspective on Capital Structure Choice and Internal Capital Markets

Mihir A. Desai, C. Fritz Foley, and James R. Hines, Jr.
Journal of Finance 59, no. 6 (December 2004): 2451-2488

Foreign Direct Investment in a World of Multiple Taxes

Mihir A. Desai, C. Fritz Foley, and James R. Hines, Jr.
Journal of Public Economics 88, no. 12 (December 2004): 2727-2744

Knowledge Spillovers and the Assignment of R&D Responsibilities to Foreign Subsidiaries

Susan E. Feinberg and Anil K. Gupta
Strategic Management Journal 25, no. 8-9 (August-September, 2004): 823-845

The Costs of Shared Ownership: Evidence From International Joint Ventures

Mihir A. Desai, C. Fritz Foley, and James R. Hines, Jr.
Journal of Financial Economics 73, no. 2 (August 2004): 323-374

Export Versus FDI with Heterogeneous Firms

Elhanan Helpman, Marc J. Melitz, and Stephen R. Yeaple
American Economic Review 94, no. 1 (March 2004): 300-316

Chains of Ownership, Regional Tax Competition, and Foreign Direct Investment

Mihir A. Desai, C. Fritz Foley, and James R. Hines, Jr.
In Heinz Herrmann and Robert Lipsey, eds., Foreign Direct Investment in the Real and Financial Sector of Industrial Countries, Wiesbaden, Germany: Springer Verlag, 2003, 61-98

The Role of Skill Endowments in the Structure of U.S. Outward Foreign Direct Investment

Stephen Ross Yeaple
Review of Economics and Statistics 85, no. 3 (August 2003): 726-734

Expansion Strategies of U.S. Multinational Firms

Gordon H. Hanson, Raymond J. Mataloni, and Matthew J. Slaughter
In Dani Rodrik and Susan Collins, ed., Brookings Trade Forum 2001, Washington, DC: Brookings Institution Press, 2001, 245-294

Are U.S. Multinationals Exporting U.S. Jobs?

S. Lael Brainard, David A. Riker
In David Greenaway and Douglas Nelson, ed., Globalization and Labour Markets, Volume 2, Cheltenham, UK: Elgar, 2001, 410-26

Repatriation Taxes and Dividend Distortions

Mihir A. Desai, C. Fritz Foley, and James R. Hines, Jr.
National Tax Journal 54, no. 4 (December 2001): 829-851

U.S.-Canada Trade Liberalization and MNC Production Location

Susan E. Feinberg and Michael P. Keane
Review of Economics and Statistics 83, no. 1 (February 2001): 118-132

Do World Product Mandates Really Matter?

Susan E. Feinberg
Journal of International Business Studies 31, no. 1 (First Quarter 2000): 155-167

Trade Liberalization and 'Delocalization': New Evidence from Firm-Level Panel Data

Susan E. Feinberg, Michael P. Keane, and Mario F. Bognanno
Canadian Journal of Economics 31, no. 4 (October 1998): 749-777

An Empirical Assessment of the Proximity-Concentration Trade-off Between Multinational Sales and Trade

S. Lael Brainard
American Economic Review 87, no. 4 (September 1997): 520-544

U.S. and Swedish Direct Investment and Exports

Magnus Blomstrom, Robert E. Lipsey, and Ksenia Kulchycky
In Robert E. Baldwin, ed., Trade Policy Issues and Empirical Analysis, Chicago: University of Chicago Press, 1988, 257-302

Working Papers

Innovation in the Global Firm

L. Kamran Bilir and Eduardo Morales
National Bureau of Economic Research Working Paper No. 22160 (April 2016)

Host-Country Financial Development and Multinational Activity

L. Kamran Bilir, David Chor, and Kalina Manova
National Bureau of Economic Research Working Paper No. 20046 (April 2014)

Scale, Scope, and the International Expansion Strategies of Multiproduct Firms

Stephen Ross Yeaple
National Bureau of Economic Research Working Paper No. 19166 (June 2013)

Innovation and Production in the Global Economy

Costas Arkolakis, Natalia Ramondo, Andres Rodriquez-Clare, and Stephen Yeaple
National Bureau of Economic Research Working Paper No. 18972 (April 2013)

Global Production and Trade in the Knowledge Economy

Wolfgang Keller and Stephen R. Yeaple
National Bureau of Economic Research Working Paper No. 14626 (December 2008)

Firm Heterogeneity and Weak Intellectual Property Rights

Stanley Watt
International Monetary Fund Working Paper No. 07/161 (July 2007)

Firm-Specific Resources, Financial-Market Development and the Growth of U.S. Multinationals

Susan Feinberg and Gordon Phillips
National Bureau of Economic Research Working Paper No. 9252 (October 2002)

U.S. Multinationals and Competition from Low Wage Countries

David A. Riker and S. Lael Brainard
National Bureau of Economic Research Working Paper No. 5959 (March 1997)