..., this asymmetry lowers the effective tax cost of repatriation at the cost of a lower after-tax dividend to the U.S. parent. This paper develops a firm-specific measure of currency exposure and provides evidence that repatriation likelihood increases during periods of firm-specific USD strength. We show...

... the unrecognized deferred tax liability on PRE is decreasing in the complexity of the tax calculation. We find that disclosure transparency is increasing in the size of the estimated tax liability on hypothetical repatriation of PRE. However, we do not find that disclosure is more transparent when the tax...