Marcelo Ignacio Ortiz Muñoz

University Pompeu Fabra | UPF · Department of Economy and Business

We study how offshore vehicles (OVs) in tax havens affect domestic investment and tax revenues among private firms. OVs encourage domestic investment by reducing the tax burden of OV users. The induced investment can potentially expand the taxable income, creating a trade-off that may counterbalance the direct tax base erosion traditionally associa...

Taking advantage of the implementation of the 2003 European Commission (EC) directive on financial reporting, we explore the impact of mandatory financial disclosure on mergers and acquisitions (M&A). We find robust evidence that the number (and volume) of private firms becoming an M&A target increases with mandatory disclosure. Analyses of cross-i...

Inheritance law is a family-oriented legal institution shaping how families transfer wealth across generations. This review discusses the main components of inheritance law (inheritance tax rate, and testamentary freedom), and how they impact business families. It also explores common strategies used by business families to mitigate the effects of...

We study how the financial reporting environment affects firms’ cash policies. Using European reporting regulations for private firms to capture exogenous variations in the reporting environment, we find that firms in more informative environments hold more cash, consistent with the idea that such environments foster firms’ internal financing capac...

We find that firms that meet or just beat last's year earnings (henceforth, MBE firms) have a lower post-filing stock return volatility in the month following the 10-K filing. We also find that this negative relation is stronger for the MBE firms providing more readable 10-K. Furthermore, we document that this joint effect is more pronounced in sce...

Research Summary We examine the relationship among inheritance taxes, shareholder protection, and the family firms' market value. Drawing on the family firm, corporate governance, and institutional complementarities literature, we argue that inheritance taxes act as external corporate governance mechanisms for decoupling business families' socioemo...

Does the presence of multiple and unrelated family controllers improve firm performance? Drawing on both agency and behavioral agency theories, we argue that multifamily firms outper-form single-family firms since families in multifamily firms actively monitor owners' socioemo-tional goals. Additionally, we suggest that a balanced distribution of c...