maybe, peter, if you could address this or dr. desai or dr. robinson, whoever has looked into this, but can you tell us about what happens when -- peter talked about fortune 500 companies over the last 15 years. you've seen a one-third reduction in u.s. companies. what happens? what is the impact on jobs when you see u.s. companies being acquired by a foreign company? >> yeah, i have not actually studied that issue. it could go either way. if the foreign company is a better managed company, bring in new technology, it could increase jobs. on the other hand, it could go the other way. i don't know what the actual experience has been. >> dr. desai? >> i think you're right to put this in the context of a broader market for corporate control, which is really the issue with foreign acquisitions. i think the issue with foreign acquisitions is particularly with respect to high value added headquarter jobs, those may well get relocated when it becomes foreign owned. that is something that we have seen at least anecdotally. we also know that headquarte

the third witness, dr. desai a professors of finance at harvard business school and professor of law at harvard. a fourth witness will be dr. peter merrill, a doctor of the economics and statistics group at price waterhouse. our fifth witness will be dr. robinson at the tuck school of business at dartmouth and the final with it knopf will be mr. allan sloan, the senior editor at large for "fortune" magazine. our thanks to all of you for coming. it's our custom that your prepared statements will be made a part of the hearing record in their entirety. if you could use your five minutes to summarize, that would be helpful. i know senators have many questions. we're going to have votes at 10:45. this will be a bit of a juggling act. we will try to handle this as well as the chaotic senate schedule allows. mr. stack, welcome. >> thank you, senators. chairman wyden, ranking member hatch and distinguished members of the committee, i appreciate the opportunity to appear to discuss these important international tax issues