Mihir A. Desai

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

Desai, Mihir A., C. Fritz Foley and Kristin Forbes. "Financial Constraints and Growth: Multinational and Local Firm Responses to Currency Depreciations." forthcoming in Review of Financial Studies.

Desai, Mihir A., Alexander Dyck and Luigi Zingales. "Theft and Taxes." Forthcoming in Journal of Financial Economics. (This paper is a revised version of NBER Working Paper No. w10978.)

Desai, Mihir A. and Alberto Moel, "Czech Mate: Expropriation and Investor Protection in a Converging World." Forthcoming in Review of Finance. (This paper is a revised version of ECGI Working Paper No. 62/2004.)

Desai, Mihir A., C. Fritz Foley and James R. Hines Jr. " Dividend Policy Inside the Multinational Firm ." Forthcoming in Financial Management.  (This paper is a revised version of NBER Working Paper No. w8698.)

Desai, Mihir A., C. Fritz Foley and James R. Hines Jr. " Capital Controls, Liberalizations, and Foreign Direct Investment." Forthcoming in Review of Financial Studies. (This paper is a revised version of NBER Working Paper No. w10337.)

Desai, Mihir A. and C. Fritz Foley. "The Comovement of Returns and Investment Within the Multinational Firm." Forthcoming in NBER International Seminar on Macroeconomics. (This paper is a revised version of NBER Working Paper 10785.)

Desai, Mihir A., Dhammika Dharmapala and Winnie Fung. "Taxation and the Evolution of Aggregate Corporate Ownership Concentration." Forthcoming in Alan Auerbach, James R. Hines Jr. and Joel Slemrod (eds.), Taxing Corporate Income in the 21st Century, Cambridge University Press.  (This paper is a revised version of NBER Working Paper No. w11469.)

Desai, Mihir A, C. Fritz Foley and James R. Hines, Jr. "The Demand for Tax Haven Operations." Journal of Public Economics 90, no. 3 (March 2006): 513-531. (This paper is a revised version of "The Economic Effects of Regional Tax Havens," NBER Working Paper No. 10806.)

Daniel Bergstresser, Mihir A. Desai, and Joshua Rauh."Earnings Manipulation, Pension Assumptions, and Managerial Investment Decisions." Quarterly Journal of Economics 121, no.1 (February, 2006): 157-195. (This paper is a revised version of NBER Working Paper No. w10543. For a profile of this research from The New York Times, see here. For a profile of this research from BusinessWeek, see here.)

Desai, Mihir A., C. Fritz Foley and James R. Hines. "Taxation and Multinational Activity; New Evidence, New Interpretations." Survey of Current Business 86, no. 2 (February 2006): 16-22.

Desai, Mihir A,  C. Fritz Foley and James R. Hines Jr. “Do Tax Havens Divert Economic Activity?”  Economics Letters 90, no.2 (February 2006): 219-224.

Desai, Mihir A. and Dhammika Dharmapala. "Corporate Tax Avoidance and High Powered Incentives." Journal of Financial Economics 79, no. 1 (January, 2006): 145-179. (This paper is a revised version of NBER Working Paper 10471).

Desai, Mihir A., "The Degradation of Reported Corporate Profits." Journal of Economic Perspectives 19, no. 4 (Fall 2005): 171-192.

Desai, Mihir A., C. Fritz Foley and James R. Hines, Jr. "Foreign Direct Investment and the Domestic Capital Stock." American Economic Review (May 2005): 33-38.  (This paper is a revised version of NBER Working Paper No. w11075.)

Desai, Mihir A. and Austan D. Goolsbee. "Investment, Overhang, and Tax Policy." Brooking Papers on Economic Activity 2004:2 (Washington, D.C.: Brookings Institution, 2005): 285-338.

Desai, Mihir A. and James R. Hines, Jr. "Old Rules and New Realities: Corporate Tax Policy in a Global Setting." National Tax Journal 57, no. 4 (December 2004): 967-960.

Desai, Mihir A., C. Fritz Foley, and James R. Hines Jr. " A Multinational Perspective on Capital Structure Choice and Internal Capital Markets." Journal of Finance 59, no. 6 (December 2004): 2451-2488. (This paper is a revised version of NBER Working Paper 9715.)

Desai, Mihir A., C. Fritz Foley and James R. Hines Jr. " Foreign Direct Investment in a World of Multiple Taxes ." Journal of Public Economics 88, no. 12 (December 2004): 2727-2744. (This paper is a revised version of HBS Working Paper 03-047 and of NBER Working Paper 8440.)

Desai, Mihir A., Devesh Kapur and John McHale. "Sharing the Spoils: Taxing International Flows of Human Capital." International Tax and Public Finance 11:5 (September 2004): 663-693. (For a profile of this research from The Times Of India, see here.)

Desai, Mihir A., C. Fritz Foley and James R. Hines Jr. "The Costs of Shared Ownership: Evidence From International Joint Ventures." 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.") (For a profile of this research from BusinessWeek, see here .)

Desai, Mihir A. and William M. Gentry. "The Character and Determinants of Corporate Capital Gains." James Poterba, ed., Tax Policy and the Economy (18). MIT Press, 2003: 1-36. (This paper is a revised version of NBER Working Paper No. 10153. Summarized in NBER Digest, April 2004.)

Desai, Mihir A. and James R. Hines Jr. "Evaluating International Tax Reform." National Tax Journal 56, no. 3 (September 2003): 487-502.

Desai, Mihir A. "The Divergence Between Book Income and Tax Income ." In James Poterba, ed., Tax Policy and the Economy (17). 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 .) [For a profile of this research from The New York Times, see here . For a profile of this research from The Economist, see here.]

Desai, Mihir A., C. Fritz Foley and James R. Hines Jr. " Chains of Ownership, Regional Tax Competition, and Foreign Direct Investment ." In Heinz Herrmann and Robert Lipsey, eds., Foreign Direct Investment in the Real and Financial Sector of Industrial Countries, Springer Verlag (2003): 61-98.  (This paper is a revised version of NBER Working Paper No. w9224.)

Desai, Mihir A. and James R. Hines Jr. "Expectations and Expatriations: Tracing the Causes and Consequences of Corporate Inversions ." National Tax Journal 55, no. 3 (September 2002): 409-440. Excerpted in Michael J. Graetz, Foundations of International Income Taxation, West Group (2003).  (This paper is a revised version of NBER Working Paper No. w9057.)

Desai, Mihir A., C. Fritz Foley and James R. Hines Jr. " Repatriation Taxes and Dividend Distortions ." National Tax Journal 54, no. 4 (December 2001): 829-851.  (This paper is a revised version of NBER Working Paper No. w8507.)

Desai, Mihir A. and James R. Hines Jr. " The Uneasy Marriage of Export Incentives and the Income Tax ." In James Poterba, ed., Tax Policy and the Economy (15). MIT Press (2001): 41-94. (This paper is a revised version of NBER Working Paper No. w8009.) [For a profile of this research from The Economist , see here .]

Desai, Mihir A. and James R. Hines Jr. " Exchange Rates and Tax-Based Export Promotion ." In Proceedings of the 93rd Annual Conference on Taxation. National Tax Association (2001): 275-285.  (This paper is a revised version of NBER Working Paper No. w8121.)

Desai, Mihir A. and James R. Hines Jr. "Excess Capital Flows and the Burden of Inflation in Open Economies ." In Martin S. Feldstein, ed., The Costs and Benefits of Price Stability, University of Chicago Press (1999): 235-268.  (This paper is a revised version of NBER Working Paper No. w6064.)

Desai, Mihir A. " Are We Racing to the Bottom? Evidence on the Dynamics of International Tax Competition ." In Proceedings of the 91st Annual Conference on Taxation. National Tax Association (1999): 176-187.

Desai, Mihir A. and James R. Hines Jr. "'Basket Cases': Tax Incentives and International Joint Venture Participation by American Multinational Firms ." Journal of Public Economics 71 (1999): 379-402.  (This paper is a revised version of NBER Working Paper No. w5755.)

Books

Desai, Mihir A. International Finance: A Casebook. John Wiley & Sons, February 2006. (Instructors: request a review copy here.)

Working Papers

Antras, Pol, Desai, Mihir A., and Foley, C. Fritz, ""FDI Flows and Multinational Firm Activity."

Desai, Mihir A., C. Fritz Foley and James R. Hines, Jr. "Capital Structure with Risky Foreign Investment."

Desai, Mihir A. and Robert J. Yetman. "Constraining Managers without Owners: Governance of the Not-for-Profit Enterprise." NBER Working Paper No. w11140

Desai, Mihir A. and James R. Hines Jr. "Market Reactions to Export Subsidies." NBER Working Paper No. w10233

Desai, Mihir A., Devesh Kapur and John McHale. " The Fiscal Impact of High Skilled Emigration: Flows of Indians to the U.S. " (For a profile of this research from The Economist, see here .)

Desai, Mihir A. and Dhammika Dharmapala. "Corporate Tax Avoidance and Firm Value." NBER Working Paper No. w11241

Desai, Mihir A., C. Fritz Foley and James R. Hines Jr. "Foreign Direct Investment and Domestic Economic Activity." NBER Working Paper No. 11717.

Desai, Mihir,  Paul Gompers and Josh Lerner. "Institutions, Capital Constraints and Entrepreneurial Firm Dynamics: Evidence from Europe." NBER Working Paper No. 10165.

Desai, Mihir A. and Dhammika Dharmapala. "Earnings Management and Corporate Tax Shelters."

Desai, Mihir A. and Li Jin. "Institutional Tax Clienteles and Payout Policy."

Desai, Mihir A. and James R. Hines Jr. "Value-Added Taxes and International Trade: The Evidence."

HBS Course Materials

“International Finance: A Course Overview Note.” Harvard Business School Teaching Note 5-206-107.

Desai, Mihir A.  “Exchange Rates and Global Markets: A Module Note.” Harvard Business School Teaching Note 5-206-122.

Desai, Mihir A. “Exchange Rates and Firms: A Module Note.” Harvard Business School Teaching Note 5-206-123.

Desai, Mihir A. “Financing Decisions within the Firm: A Module Note.” Harvard Business School Teaching Note 5-206-124.

Desai, Mihir A. “Valuing Cross-Border Investments: A Module Note.” Harvard Business School Teaching Note 5-206-125.

Desai, Mihir A. “Cross-Border Financial Opportunities: A Module Note.” Harvard Business School Teaching Note 5-206-126.

Desai, Mihir A. “Finance in Weak Institutional Environments: A Module Note.” Harvard Business School Teaching Note 5-206-127.

Desai, Mihir A. “International Regulatory Regimes: A Module Note.” Harvard Business School Teaching Note 5-206-128.

Desai, Mihir A., Christina B. Pham and Kathleen Luchs. "Foreign Exchange Markets and Transactions." Harvard Business School Note 9-205-044.
Desai, Mihir A., Christina B. Pham and Kathleen Luchs. "Foreign Exchange Markets and Transactions: Solutions to Exercises." Harvard Business School Case Supplement 205-017.
Desai, Mihir A. "Foreign Exchange Markets and Transactions." Harvard Business School Teaching Note 206-032.

Desai, Mihir A. and Mark F. Veblen. "Exchange Rate Policy at the Monetary Authority of Singapore." Harvard Business School Case 204-037.
Desai, Mihir A. "Exchange Rate Policy at the Monetary Authority of Singapore." Harvard Business School Teaching Note 206-029.

Desai, Mihir A., Kathleen Luchs and Mark Veblen. "Innocents Abroad: Currencies and International Stock Returns." Harvard Business School Case 204-141.
Desai, Mihir A. "Innocents Abroad: Currencies and International Stock Returns." Harvard Business School Teaching Note 206-012.

Desai, Mihir A., Vincent Dessain, Anders Sjöman. "Hedging Currency Risks at AIFS." Harvard Business School Case 205-026.
Desai, Mihir A. "Hedging Currency Risks at AIFS." Harvard Business School Teaching Note 206-025.

Desai, Mihir A. and Mark F. Veblen. "Foreign Exchange Hedging Strategies at General Motors: Transactional and Transitional Exposures." Harvard Business School Case 205-095.
Desai, Mihir A. and Kathleen Luchs. "Foreign Exchange Hedging Strategies at General Motors: Transactional and Transitional Exposures." Harvard Business School Teaching Note 206-031.

Desai, Mihir A. and Mark F. Veblen. "Foreign Exchange Hedging Strategies at General Motors: Competitive Exposures." Harvard Business School Case 205-096.
Desai, Mihir A. and Kathleen Luchs. "Foreign Exchange Hedging Strategies at General Motors: Competitive Exposures." Harvard Business School Teaching Note 206-032.

Desai, Mihir A. and Mark F. Veblen. "The Refinancing of Shanghai General Motors (A)."Harvard Business School Case 204-031.
Desai, Mihir A. and Mark F. Veblen. "The Refinancing of Shanghai General Motors (B)." Harvard Business School Case 204-025.
Desai, Mihir A. and Mark F. Veblen. "The Refinancing of Shanghai General Motors (A) (B)." Harvard Business School Teaching Note 206-034.

Desai, Mihir A., James R. Hines Jr. and Mark F. Veblen. " Corporate Inversions: Stanley Works and the Lure of Tax Havens ." Harvard Business School Case 203-008.
Desai, Mihir A. "Corporate Inversions: Stanley Works and the Lure of Tax Havens." Harvard Business School Teaching Note 206-013.

Desai, Mihir A., Paolo Notamicola, and Mark F. Veblen. "Valuing a Cross-Border LBO: Bidding on the Yell Group." Harvard Business School Case 204-033.
Desai, Mihir A. "Valuing a Cross-Border LBO: Bidding on the Yell Group." Harvard Business School Teaching Note 206-038.

Desai, Mihir A. and Doug Schillinger. "Globalizing the Cost of Capital and Capital Budgeting  at AES." Harvard Business School Case 204-109.
Desai, Mihir A. "Globalizing the Cost of Capital and Capital Budgeting at AES." Harvard Business School Teaching Note 206-080.

Desai, Mihir A., Alexandra de Royere, Mark Veblen and Kathleen Luchs. "Dow Chemical's Potential Bid for the Privatization of PBB in Argentina." Harvard Business School Case 203-044.
Desai, Mihir A. "Dow Chemical's Potential Bid for the Privatization of PBB in Argentina." Harvard Business School Teaching Note 206-040.

Desai, Mihir A., Ricardo Reisen de Pinho, Mark Veblen and Kathleen Luchs. "Drilling South: Petrobras Evaluates Pecom." Harvard Business School Case 204-043.
Desai, Mihir A., "Drilling South: Petrobras Evaluates Pecom." Harvard Business School Teaching Note 5-206-134.

Desai, Mihir A., Vincent Dessain and Anders Sjöman. "Nestlé and Alcon—the Value of A Listing." Harvard Business School Case 205-056.
Desai, Mihir A., "Nestlé and Alcon—the Value of A Listing." Harvard Business School Teaching Note 5-206-135.
Desai, Mihir A., Ami Dave, Kathleen Luchs, Maria Raga-Frances, and Mark Veblen. "Cross-Border Listings and Depository Receipts." Harvard Business School Case 204-022.

Desai, Mihir A., Masako Egawa and Yanjun Wang. "The Continuing Transformation of Asahi Glass: Implementing EVA." Harvard Business School Case 205-030.
Desai, Mihir A., Francisco Ferri and Steven Treadwell. "Understanding Economic Value Added." Harvard Business School Note 206-016.
Desai, Mihir A., "The Continuing Transformation of Asahi Glass: Implementing EVA." Harvard Business School Teaching Note 206-094.

Desai, Mihir A., Gabriel J. Loeb and Mark F. Veblen. "Tax-Motivated Film Financing at Rexford Studios." Harvard Business School Case 203-005.
Desai, Mihir A., Gabriel J. Loeb and Mark F. Veblen. "The Strategy and Sources of Motion Picture Finance." Harvard Business School Note 203-007.
Desai, Mihir A. "Tax-Motivated Film Financing at Rexford Studios." Harvard Business School Teaching Note 206-011.

Desai, Mihir A. and Mark F. Veblen. "Growing Up In China: The Financing of BabyCare." Harvard Business School Case 204-029.
Desai, Mihir A. "Growing Up In China: The Financing of BabyCare." Harvard Business School Teaching Note 206-083.
Desai, Mihir A., Robin Greenwood and Lucy White. "Subscriber Models." Harvard Business School Note 205-061.

Desai, Mihir A., Alberto Moel and Kathleen Luchs. "Czech Mate: CME and Vladimir Zelezny (A), (B1), (B2), (B3), (C), (D), (E)." Harvard Business School Case 204-118.
Desai, Mihir A. "Czech Mate: CME and Vladimir Zelezny (A)-(E)." Harvard Business School Teaching Note 205-026.

Desai, Mihir A., Belen Villalonga, and Mark Veblen. "Antitrust Regulations in a Global Setting: The EU Investigation of the GE/Honeywell Merger." Harvard Business School Case 204-081.
Desai, Mihir A. and Belen Villalonga. "Antitrust Regulations in a Global Setting: The EU Investigation of the GE/Honeywell Merger." Harvard Business School Teaching Note 205-094.

Desai, Mihir A., Kathleen Luchs, Christina Pham, and Julia Stevens. "Redesigning Sovereign Debt Restructuring Mechanisms." Harvard Business School Case 204-110.
Desai, Mihir A., " Redesigning Sovereign Debt Restructuring Mechanisms." Harvard Business School Teaching Note 206-096.

Desai, Mihir A. and Julia D. Stevens. "Financing Biodiversity Conservation by the Global Conservation Fund." Harvard Business School Case 204-019.

Desai, Mihir A., Frank Williamson and Mark Veblen. " Provident Life and Accident Insurance: The Acquistion of Paul Revere ." Harvard Business School Case 202-044.
Desai, Mihir A., Frank Williamson and Mark Veblen. "Provident Life and Accident Insurance: The Acquistion of Paul Revere." Harvard Business School Teaching Note 202-046.

Desai, Mihir A. and Kathleen Luchs. " Valuing Project Achieve ." Harvard Business School Case 201-080.
Desai, Mihir A. and Kathleen Luchs. "Valuing Project Achieve." Harvard Business School Teaching Note 201-130.

Desai, Mihir A. and Peter Tufano. " Laura Martin: Real Options and the Cable Industry ." Harvard Business School Case 201-004.
Desai, Mihir A. "Laura Martin: Real Options and the Cable Industry." Harvard Business School Teaching Note 201-122.

Desai, Mihir A. " The Financing of Project Achieve (A) ." Harvard Business School Case 200-042.
Desai, Mihir A. " The Financing of Project Achieve (B) ." Harvard Business School Case 200-053.

Palepu, Krishna G., V. Kasturi Rangan, Ahu Bhasin, Mihir Desai, and Sarayu Srinivasan. " Enron Development Corporation: The Dabhol Power Project in Maharashtra, India (A) ." Harvard Business School Case 596-099.

Mason, Scott P. and Mihir A. Desai. " Coca-Cola Harmless Warrants ." Harvard Business School Case 295-007.
Mason, Scott P. and Mihir A. Desai. "Coca-Cola Harmless Warrants." Harvard Business School Teaching Note 295-099.

Mason, Scott P. and Mihir A. Desai. " Cougars ." Harvard Business School Case 295-006.

Government Testimony

Desai, Mihir A., "Reform Alternatives for the Corporate Tax." Subcommittee on Select Revenue Measures, Committee on Ways and Means, House of Representatives, Washington DC (May 9, 2006)

Desai, Mihir A., "Taxation and Global Competitiveness." President's Advisory Panel on Federal Tax Reform, San Francisco, CA (March 31, 2005)

Other Publications of Interest

Desai, Mihir A."Strange Bedfellows." HBS Alumni Bulletin September 2006.

Desai, Mihir, "Discussion of 'Saving and Cohabitation: The Economic Consequences of Living with One’s Parents in Italy and the Netherlands'" by Alessi, Brugiavini, and Weber. Forthcoming in NBER International Seminar on Macroeconomics.

Desai, Mihir A., "Taxing Corporate Capital Gains," Tax Notes 110 (March 6, 2006): 1079-1092.

Desai, Mihir A. and Dhammika Dharmapala, "Corporate Social Responsibility and Taxation: The Missing Link." BSR Leading Perspectives (Winter 2006).

Desai, Mihir A. and James R. Hines Jr. "Reply to Grubert," National Tax Journal 58, no. 2 (June, 2005).

Desai, Mihir A. and Alberto Moel, "Czech Mate," Beyond Transition 15, no. 1 (World Bank, Oct/Nov/Dec 2004): 17 .

Desai, Mihir A., C. Fritz Foley and James R. Hines Jr. "Venture Out Alone." Harvard Business Review 82, no. 3 (April 2004):  22.

Desai, Mihir A. "New Foundations For Taxing Multinational Corporations." Taxes (March 2004): 41-49.

Desai, Mihir A. and James R. Hines Jr. "Economic Foundations of International Tax Rules," a paper prepared in conjunction with the ABA Task Force on International Tax Reform.

Desai, Mihir A. " Reading Off the Same Page." The Harvard Crimson. May 5, 2003.

Desai, Mihir. "Remote Control Tax ." The Times of India. January 11, 2003, 14.

Desai, Mihir. Review :  International Taxation and Multinational Activity, edited by James R. Hines, Jr. University of Chicago Press (2001). In National Tax Journal (forthcoming Spring 2003).

Desai, Mihir. " The End Of Everything." The New York Times. August 24, 1996.