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Articles
(Highlighted selections can be downloaded in PDF format by clicking on the paper title. Download Adobe Acrobat Reader here ).

Investable Tax Credits: The Case of the Low Income Housing Tax Credit,” (w/ D. Dharmapala and M. Singhal) forthcoming in National Tax Journal.

"The Incentive Bubble." Harvard Business Review 90, no. 3 (March 2012).

 Institutional Tax Clienteles and Payout Policy,” (w/ L. Jin)  Journal of Financial Economics, 100:1 (April 2011), 68-84.

Dividend Taxes and International Portfolio Choice,” (w/ D. Dharmapala) Review of Economics and Statistics, 93:1 (February 2011), 266-284.

Do Strong Fences Make Strong Neighbors?” (w/ D. Dharmapala) National Tax Journal, 63 (December 2010), 723-740.

The Mistaken Attack on Outsourcing,” The Wall Street Journal, (December 2010), A11.

Tax U.S. Companies Into Spending,” The Washington Post, (December 2010), A25.

The Decentering of the Global Firm,” World Economy, 32:9 (September 2009), 1271-1290.

Corporate Tax Avoidance and Firm Value,” (w/ D. Dharmapala) Review of Economics and Statistics, 91:3 (August 2009), 537-546.

 Multinational Firms, FDI Flows and Imperfect Capital Markets,” (w/ P. Antràs and C. F. Foley) Quarterly Journal of Economics, 124:3 (August 2009), 1171-1219.

Taxes, Institutions and Foreign Diversification Opportunities,” (w/ D. Dharmapala) Journal of Public Economics, 93:5-6 (June 2009), 703-714.

Earnings Management, Corporate Tax Shelters and Book-Tax Alignment,” (w/ D. Dharmapala) National Tax Journal, 62 (March 2009), 169-186.

Domestic Effects of the Foreign Activities of U.S. Multinationals,” (w/ C. F. Foley and J. R. Hines Jr.) American Economic Journal: Economic Policy 1:1 (February 2009), 181-203. (formerly titled “Foreign Direct Investment and Domestic Economic Activity”)

The Fiscal Impact of High-Skilled Emigration: Indian Emigration to the U.S.” (w/ D. Kapur, J. McHale, and K. Rogers) Journal of Development Economics, 88:1 (January 2009), 32-44.

Taxation and Corporate Governance: An Economic Approach,” (w/ D. Dharmapala) Tax and Corporate Governance in MPI Studies on Intellectual Property, Competition and Tax Law, 3:1 (2008), 13-30.

Taxing the Bandit Kings,” (w/ D. Dharmapala) 118 Yale Law Journal Pocket Part, 98 (November 2008).

Czech Mate: Expropriation and Investor Protection in a Converging World,” (w/ A. Moel) Review of Finance 12:1 (2008), 221-251.

Financial Constraints and Growth: Multinational and Local Firm Responses to Currency Crises,” (w/ C. F. Foley and K. J. Forbes) Review of Financial Studies 21:6 (November 2008), 2857-2888.

The Finance Function in a Global Corporation” Harvard Business Review 86, nos. 7/8 (July – August 2008).

Capital Structure with Risky Foreign Investment,” (w/ C. F. Foley and J. R. Hines Jr.) Journal of Financial Economics, 88:3 (June 2008), 534-553.

 Market Reactions to Export Subsidies,” (w/ J. R. Hines Jr.) Journal of International Economics 74:2 (March 2008), 459-474.

 Dividend Policy Inside the Multinational Firm,” (w/ C. F. Foley and J. R. Hines Jr.) Financial Management 36:1 (Spring 2007) (Lead Article).

Theft and Taxes,” (w/ A. Dyck and L. Zingales) Journal of Financial Economics 84, no. 3 (June 2007), 591-623 (Lead Article).

Taxation and the Evolution of Aggregate Corporate Ownership Concentration,” (w/ D. Dharmapala) Taxing Corporate Income in the 21st Century, Cambridge University Press: New York (2007), 345-383.

Capital Controls, Liberalizations, and Foreign Direct Investment,” (w/ C. F. Foley and J. R. Hines Jr.) Review of Financial Studies 19, no. 4 (Winter 2006), 1433-1464.

The Comovement of Returns and Investment Within Multinational Firms,” (w/ C. F. Foley) in NBER International Seminar on Macroeconomics, MIT Press, 2006.

The Demand for Tax Haven Operations,” (w/ C. F. Foley and J. R. Hines Jr.) Journal of Public Economics 90, no. 3 (March 2006), 513-531.

Earnings Manipulation, Pension Assumptions and Managerial Investment Decisions,” (w/ D. Bergstresser and J. Rauh) Quarterly Journal of Economics 121, no. 1 (February 2006), 157-195.

Do Tax Havens Divert Economic Activity?Economic Letters (w/ C. F. Foley and J. R. Hines Jr.) 90, no. 2 (February 2006), 219-224.

Corporate Tax Avoidance and High-Powered Incentives,” (w/ D. Dharmapala) Journal of Financial Economics 79, no. 1 (January 2006), 145-179.

The Degradation of Reported Corporate ProfitsJournal of Economic Perspectives 19, no. 4 (Fall 2005), 171-192. Reprinted in W. DeBondt (ed.), Financial Accounting and Investment Management, Edward Elgar, 2008.

Foreign Direct Investment and the Domestic Capital Stock,” (w/ C. F. Foley and J. R. Hines Jr.) American Economic Review 95, no. 2 (May 2005), 33-38.

Investment, Overhang, and Tax Policy,” (w/ A. Goolsbee) Brookings Papers on Economic Activity, 2004 no. 2 (Washington D.C.: Brookings Institution, 2005), 285-338.

Old Rules and New Realities: Corporate Tax Policy in a Global Setting,” (w/ J.R. Hines Jr.) National Tax Journal 57, no. 4 (December 2004), 937-960.

A Multinational Perspective on Capital Structure Choice and Internal Capital Markets,” (w/ C. F. Foley and J. R. Hines Jr.) Journal of Finance 59, no. 6 (December 2004), 2451-2488 (Lead Article). Reprinted in S. Claessens and L. Laeven (eds.), A Reader in International Corporate Finance, The World Bank, 2006.

Foreign Direct Investment in a World of Multiple Taxes,” (w/ C. F. Foley and J. R. Hines Jr.) Journal of Public Economics 88, no. 12 (December 2004), 2727-2744.

Investment, Overhang, and Tax Policy,” (w/ A. Goolsbee) Brookings Papers on Economic Activity, Brookings Institution: Washington D.C., 2 (2007), 85-338.

Old Rules and New Realities: Corporate Tax Policy in a Global Setting,” (w/ J.R. Hines Jr.) National Tax Journal, 57:4 (December 2004), 937-960.

A Multinational Perspective on Capital Structure Choice and Internal Capital Markets,” (w/ C.F. Foley and J.R. Hines Jr.) Journal of Finance, 59:6 (December 2004), 2451-2488.

            Reprint: S.Claessens and L.Laeven (eds.), A Reader in International Corporate Finance, The World Bank (2006).

Foreign Direct Investment in a World of Multiple Taxes,” (w/ C.F. Foley and J.R. Hines Jr.) Journal of Public Economics, 88:12 (December 2004), 2727-2744.

Sharing the Spoils: Taxing International Flows of Human Capital,” (w/ D. Kapur and J. McHale) International Tax and Public Finance 11, no. 5 (September 2004), 663-693.

The Costs of Shared Ownership: Evidence From International Joint Ventures,” (w/ C. F. Foley and J. R. Hines Jr.) Journal of Financial Economics 73, no. 2 (August 2004), 323-374.

            This paper is a revision of HBS Working Paper 03-017 and NBER Working Paper Series No. 9115, "International Joint Ventures and the Boundaries of the Firm."

The Character and Determinants of Corporate Capital Gains,” (w/ W. Gentry) in J. Poterba (ed.), Tax Policy and the Economy 18 (Cambridge, MA: MIT Press, 2004), 1-36.

Evaluating International Tax Reform," (w/ J. R. Hines Jr.) National Tax Journal 56, no. 3 (September 2003), 487-502.

The Divergence Between Book Income and Tax Income,” in J. Poterba (ed.) Tax Policy and the Economy 17 (Cambridge, MA: MIT Press, 2003), 169-206. This paper is a revision of NBER Working Paper 8866, entitled "The Corporate Profit Base, Tax Sheltering Activity, and the Changing Nature of Employee Compensation."

Chains of Ownership, Regional Tax Competition and Foreign Direct Investment,” (w/ C.F. Foley and J.R. Hines Jr.) Foreign Direct Investment in the Real and Financial Sector of Industrial Countries, in Heinz Herrmann and Robert Lipsey (ed.), Springer Verlag: Heidelberg (2003), 61-98.

Expectations and Expatriations: Tracing the Causes and Consequences of Corporate Inversions,” (w/ J. R. Hines Jr.) National Tax Journal 55, no. 3 (September 2002), 409-441. Excerpted in M. J. Graetz (ed.), Foundations of International Income Taxation (Westbury, NY: Foundation Press, 2004).

Repatriation Taxes and Dividend Distortions,” (w/ C. F. Foley and J. R. Hines Jr.) National Tax Journal 54, no. 4 (December 2001), 829-851.

The Uneasy Marriage of Export Subsidies and the Income Tax,” (w/ J. R. Hines Jr.) in James Poterba (ed.), Tax Policy and the Economy 15 (Cambridge, MA: MIT Press, 2001), 41-94.

Exchange Rates and Tax-Based Export Promotion,” (w/ J. R. Hines Jr.) Proceedings of the 93rd Annual Conference on Taxation (Washington D.C.: National Tax Association, 2001), 275-285.

Are We Racing to the Bottom? Evidence on the Dynamics of International Tax Competition,” (w/ C. F. Foley and J. R. Hines Jr.) Proceedings of the 91st Annual Conference on Taxation (Washington D.C.: National Tax Association, 1999), 176-187.

Excess Capital Flows and the Burden of Inflation in Open Economics,” (w/ J.R. Hines Jr.) The Costs and Benefits of Price Stability, in M.S. Feldstein (ed.), University of Chicago Press: Chicago (1999), 235-268.

‘Basket Cases’: Tax Incentives and International Joint Venture Participation by American Multinational Firms,” (w/ J. R. Hines Jr.) Journal of Public Economics 71, no. 3 (March 1999), 379-402.

Books

International Finance: A Casebook (Hoboken, NJ: John Wiley & Sons, 2006).

Working Papers

Trade Credit and Taxes,” (w/ C.F. Foley and J.R. Hines, Jr.) NBER Working Paper No. 18107.

 Constraining Managers without Owners: Governance of the Not-for-Profit Enterprise,” (w/ R. Yetman) NBER Working Paper No. 11140.

 Institutions, Capital Constraints and Entrepreneurial Dynamics: Evidence from Europe,” (w/ P. Gompers and J. Lerner) NBER Working Paper No. 10165.

 Investable Tax Credits: The Case of the Low Income Housing Tax Credit,” (w/ D. Dharmapala, M. Singhal)

Investor Taxation in Open Economies,” (w/ D. Dharmapala).

 Labor and Capital Shares of the Corporate Tax Burden: International Evidence,” (w/ C.F. Foley and J. R. Hines, Jr.).

Securing Jobs of the New Protectionism?  Taxing the Oversease Activities of Multinational Firms,” HBS Working Paper No. 09107

 Value-Added Taxes and International Trade: The Evidence" (w/ J. R. Hines Jr.).

Current Projects

“Reinventing the Corporate Income Tax”

 “The Global Decline of Manufacturing”

“Do Tax Clienteles Exist in the Global Market for Corporate Control?”

International Finance: A Textbook, Addison-Wesley, 2010

Other Publications

Opinion Pieces

America the Difficult,” The American, May/June 2008, reprinted in HBS Bulletin, July 2008..

The Bad Dream of Options Expensing Lingers,” Financial Times, June 8, 2007.

Fixing Executive Options: The Veil of Ignorance,” (w/ J. Margolis) HBS Working Knowledge, October 2006.

Strange Bedfellows,” HBS Bulletin, September 2006.

“Reading Off the Same Page,” The Harvard Crimson, May 5, 2003.

Remote Control Tax,” The Times of India, January 11, 2003, 14.

The End of Everything,” The New York Times, August 24, 1996, 23.

Research Overviews

“Corporate Governance and Taxation: The Implications for Financial Reporting,” forthcoming in the Oxford University Center for Business Taxation Conference Report.

Capital Flows, Taxes and Institutional Variation,” in NBER Reporter, no. 3, 2008.

“Aligning the Accounting and Tax Treatment of Stock Options,” in Tax Notes, June 25, 2007, 1-20.

The Internal Markets of Multinational Firms,” (w/ C. F. Foley and J. R. Hines Jr.) Survey of Current Business 87, no. 3 (March 2007), 42-48.

Taxing Corporate Capital Gains,” Tax Notes 110 (March 6, 2006), 1079-1092.

Taxation and Multinational Activity: New Evidence, New Interpretations,” (w/ C. F. Foley and J. R. Hines Jr.) Survey of Current Business 86, no. 2 (February 2006), 16-22.

Corporate Social Responsibility and Taxation: The Missing Link,” (w/ D. Dharmapala) in BSR Leading Perspectives (Winter 2005), 4-5.

Czech Mate,” (w/ A. Moel) in Beyond Transition 15, no. 1 (World Bank: Oct/Nov/Dec 2004), 17.

Venture out Alone,” (w/ C. F. Foley and J. R. Hines Jr.) Harvard Business Review 82, no. 3 (March 2004), 22.

New Foundations for Taxing Multinational Corporations,” Taxes, Special Issue from the University of Chicago Federal Tax Conference (March 2004), 41-49.

Discussions and Reviews

Discussion of ‘The Political Economy of Indian Fiscal Federalism’ by I. Rajaraman” forthcoming in India Policy Forum, 2007.

Discussion of ‘Productivity and Taxes as Drivers of FDI’ by A. Razin and E. Sadka” forthcoming in Brookings Trade Forum, 2007.

Discussion of ‘Transforming India’ by A. Panagariya” forthcoming in India: An Emerging Giant.

Discussion of ‘Does Economic Growth Reduce Fertility? Rural India 1971-1999’ by A. Foster and M. Rosenzweig” forthcoming in India Policy Forum, 2006.   

Reply to Grubert,” (w/ J. R. Hines Jr.) National Tax Journal 58, no. 2 (June 2005), 275-278. 

Discussion of ‘Saving and Cohabitation: The Economic Consequences of Living with One’s Parents in Italy and the Netherlands’ by R. Alessi, A. Brugiavini and G. Weber” in NBER International Seminar on Macroeconomics, 2004.  

Review of J. R. Hines, Jr. (ed.), International Taxation and Multinational Activity, (Chicago: University of Chicago Press, 2001),” in National Tax Journal 55, no. 4 (December 2002), 845-848.

Course Materials

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For more detailed information on Professor Desai's Cases and Course Materials, please visit his Course Materials page.

HBS Course and Module Notes

International Finance: A Course Overview Note” HBS Teaching Note 5-206-107.

Exchange Rates and Global Markets: A Module Note” HBS Teaching Note 5-206-122.

Exchange Rates and Firms: A Module Note” HBS Teaching Note 5-206-123.

Financing Decisions within the Firm: A Module Note” HBS Teaching Note 5-206-124.

Valuing Cross-Border Investments: A Module Note” HBS Teaching Note 5-206-125.

Cross-Border Financial Opportunities: A Module Note” HBS Teaching Note 5-206-126.

Finance in Weak Institutional Environments: A Module Note” HBS Teaching Note 5-206-127.

International Regulatory Regimes: A Module Note” HBS Teaching Note 5-206-128.

HBS Cases and Teaching Notes

Foreign Exchange Markets and Transactions” (w/ K. Luchs and C. Pham) HBS Case 205-016.
Foreign Exchange Markets and Transactions: Solutions to Exercises” (w/ K. Luchs and C. Pham) HBS Case 205-017. “Foreign Exchange Markets and Transactions” HBS Teaching Note 5-206-032.

Exchange Rate Policy at the Monetary Authority of Singapore” (w/ M. Veblen) HBS Case 204-037.
“Exchange Rate Policy at the Monetary Authority of Singapore” HBS Teaching Note 5-206-029.

Innocents Abroad: Currencies and Stock Returns” (w/ K. Luchs and M. Veblen) HBS Case 204-141.
“Innocents Abroad: Currencies and Stock Returns” HBS Teaching Note 5-206-012.

Hedging Currency Risk at AIFS” (w/ K. Luchs) HBS Case 205-026.
“Hedging Currency Risk at AIFS” HBS Teaching Note 5-206-025.

Foreign Exchange Hedging Strategies at General Motors: Transactional and Translational Exposures” (w/ M. Veblen) HBS Case 205-095.
“Foreign Exchange Hedging Strategies at General Motors: Transactional and Translational Exposures” HBS Teaching Note 5-206-031.
Foreign Exchange Hedging Strategies at General Motors: Competitive Exposures” (w/ M. Veblen) HBS Case 205-096.
“Foreign Exchange Hedging Strategies at General Motors: Competitive Exposures” HBS Teaching Note 5-206-081.

The Refinancing of Shanghai General Motors (A)” (w/ M. Veblen) HBS Case 204-031.
The Refinancing of Shanghai General Motors (B)” (w/ M. Veblen) HBS Case 204-025.
“The Refinancing of Shanghai General Motors (A-B)” HBS Teaching Note 5-206-034.

Corporate Inversions: Stanley Works and the Lure of Tax Havens” (w/ J. R. Hines Jr. and M. Veblen) HBS Case 203-008.
“Corporate Inversions: Stanley Works and the Lure of Tax Havens” HBS Teaching Note 5-206-013.

Valuing a Cross-Border LBO: Bidding on the Yell Group” (w/ P. Notarnicola and M. Veblen) HBS Case 204-033.
“Valuing a Cross-Border LBO: Bidding on the Yell Group” HBS Teaching Note 5-206-038.

Globalizing the Cost of Capital and Capital Budgeting at AES” (w/ D. Schillinger) HBS Case 204-109.
“Globalizing the Cost of Capital and Capital Budgeting at AES” HBS Teaching Note 5-206-080.

Dow Chemical’s Bid for the Privatization of PBB in Argentina” (w/ A. de Royere, M. Veblen and K. Luchs) HBS Case 204-021.
“Dow Chemical’s Bid for the Privatization of PBB in Argentina” HBS Teaching Note 5-206-040.

Drilling South: Petrobras Evaluates Pecom” (w/ R. Reisen de Pinho, M. Veblen and K. Luchs) HBS Case 204-043.
“Drilling South: Petrobras Evaluates Pecom” HBS Teaching Note 5-206-134.

Nestlé and Alcon: The Value of A Listing” (w/ A. Sjöman and V. Dessain) HBS Case 205-056.
“Nestlé and Alcon: The Value of A Listing” HBS Teaching Note 5-206-135.

The Continuing Transformation of Asahi Glass: Implementing EVA” (w/ M. Egawa) HBS Case 205-030.
“The Continuing Transformation of Asahi Glass: Implementing EVA” HBS Teaching Notes 206-094.

Tax-Motivated Film Financing at Rexford Studios” (w/ G. Loeb and M. Veblen) HBS Case 203-005.
“Tax-Motivated Film Financing at Rexford Studios” HBS Teaching Note 5-206-011.

Growing Up In China: The Financing of BabyCare” (w/ M. Veblen) HBS Case 204-029.
“Growing Up In China: The Financing of BabyCare” HBS Teaching Note 5-206-083.

Czech Mate: CME and Vladimir Zelezny (A)” (w/ A. Moel and K. Luchs) HBS Case 204-118.
Czech Mate: CME and Vladimir Zelezny (B1)” (w/ A. Moel and K. Luchs) HBS Case 204-119.
Czech Mate: CME and Vladimir Zelezny (B2)” (w/ A. Moel and K. Luchs) HBS Case 204-120.
Czech Mate: CME and Vladimir Zelezny (B3)” (w/ A. Moel and K. Luchs) HBS Case 204-121.
Czech Mate: CME and Vladimir Zelezny (C)” (w/ A. Moel and K. Luchs) HBS Case 204-122.
Czech Mate: CME and Vladimir Zelezny (D)” (w/ A. Moel and K. Luchs) HBS Case 204-129.
Czech Mate: CME and Vladimir Zelezny (E)” (w/ K. Luchs) HBS Case 205-069.
“Czech Mate: CME and Vladimir Zelezny (A-E)” HBS Teaching Note 5-205-026.

Antitrust Regulations in a Global Setting: The EU Investigation of the GE/Honeywell Merger” (w/ B. Villalonga and M. Veblen) HBS Case 204-081.
“Antitrust Regulations in a Global Setting: The EU Investigation of the GE/Honeywell Merger” (w/ B. Villalonga) HBS Teaching Note 5-205-094.

Redesigning Sovereign Debt Restructuring Mechanisms” (w/ K. Luchs, C. Pham and J. Stevens) HBS Case 204-110.
“Redesigning Sovereign Debt Restructuring Mechanisms” HBS Teaching Notes 206-096.

Financing Biodiversity Conservation by the Global Conservation Fund” (w/ J. Stevens) HBS Case 204-019.

Provident Life and Accident Insurance: The Acquisition of Paul Revere” (w/ F. Williamson and M. Veblen) HBS Case 202-044.
“Provident Life and Accident Insurance: The Acquisition of Paul Revere” HBS Teaching Note 202-046.

Valuing Project Achieve” (w/ K. Luchs) HBS Case 201-080.
“Valuing Project Achieve” HBS Teaching Note 201-130.

Laura Martin: Real Options and the Cable Industry” (w/ P. Tufano) HBS Case 201-004.
“Laura Martin: Real Options and the Cable Industry” HBS Teaching Note 201-122.

The Financing of Project Achieve (A)” HBS Case 200-042.
The Financing of Project Achieve (B)” HBS Case 200-053.

Enron Power Corporation Enters India” (w/ K. Palepu and V. Rangan) HBS Case 596-099.

Coca-Cola Harmless Warrants” (w/ S. Mason) HBS Case 295-007.
“Coca-Cola Harmless Warrants” (w/ S. Mason) HBS Teaching Note 295-099.

COUGARs” (w/ S. Mason) HBS Case 295-006.

HBS Notes

Note on International Tax Regimes” (w/ M. Veblen) HBS Note 206-014.

Cross-Border Listings and Depository Receipts” (w/ A. Dave, K. Luchs, M. Raga-Frances and M. Veblen) HBS Note 204-022.

The Strategy and Sources of Motion Picture Finance” (w/ G. Loeb and M. Veblen)HBS Note 203-007.

Subscriber Models” (w/ R. Greenwood and L. White) HBS Note 205-061.

Understanding Economic Value Added” (w/ F. Ferri and S. Treadwell) HBS Note 206-016.