C. Fritz Foley is the André R. Jakurski Professor and senior associate dean for strategic financial planning at Harvard Business School. James R. Hines Jr. is the Richard A. Musgrave Collegiate Professor of Economics and the L. Hart Wright Collegiate Professor of Law at the University of Michigan. David Wessel is a senior fellow in Economic Studies at Brookings and director of the Hutchins Center on Fiscal and Monetary Policy.

• Contents:Acknowledgments1. Multinational Activity in the Modern World, C. Fritz Foley, James R. Hines Jr., Raymond J. Mataloni Jr., and David Wessel2. The Structure of Multinational Firms' International Activities, Ronald B. Davies and James R. Markusen3. Multinational Firms' Market Entry and Expansion, with Evidence from Eastern Europe, Catherine Thomas and Andrew B. Bernard4. The International Market for Corporate Control, Anusha Chari5. The Corporate Finance of Multinational Firms, Isil Erel, Yeejin Jang, and Michael S. Weisbach6. Do Multinational Firms Export Jobs?, Lindsay Oldenski7. Do Multinational Corporations Exploit Foreign Workers?, Emma Aisbett, Ann E. Harrison, David I. Levine, Jason Scorse, and Jed Silver8. The New Global Invention Machine: A Look Inside the R&D Networks of U.S. Multinationals, Lee Branstetter, Britta Glennon, and J. Bradford Jensen9. Multinationals in the Digital Economy, Benjamin Edelman10. Tax Avoidance and Multinational Firm Behavior, Scott Dyreng and Michelle Hanlon11. Do Multinational Firms Use Tax Havens to the Detriment of Non-Haven Countries?, Dhammika Dharmapala12. Multinational Corporations and Their Influence through Lobbying on Foreign Policy, In Song Kim and Helen V. Milner13. Principles for Policymakers, C. Fritz Foley, James R. Hines Jr., and David WesselContributorsIndex

Multinational firms are central to the global economy—and yet, assertion and anecdote continue to guide too much of our policy conversation about them. This volume's world-class scholars have provided a world-class analysis of the structure and implications of these firms."- Matt Slaughter, Dean, Tuck School of Business, Dartmouth College;"Are U.S. MNCs us? Are they good or bad for the U.S. economy? Do they create or destroy jobs? Do they avoid taxes by shifting their incomes to low-tax countries? This book provides balanced, fact-based answers. Yes, MNCs are good for the U.S. economy, but new policies are needed to ensure that their benefits are broadly shared at home and abroad."- Laura Tyson, Distinguished Professor of the Graduate School, University of California, Berkeley;"Kudos to the Hutchins Center for undertaking a fact-based study of one of the most important forces in the global economy—the multinational corporation. As this volume shows, much of their impact is positive. They have reduced global inequality and increased well-paying jobs in their home countries as well as in less developed countries. But some of it is not—in particular, their exploitation of tax havens to undermine any coherency in the global system of taxation."- Alan Murray, CEO, Fortune Media