The data comes from two BEA surveys: the benchmark surveys (BE-10) and annual surveys (BE-11).8 Since we are interested in the cash allocations of firms as well as variation in the foreign tax rates multinational firms confront, our firm-year observations are limited to the years during which the necessary datawasgathered.Thisannualdataisavailablefrom1998to2008.After2008, foreign cash balances are no longer collected. Using this data, we are able to measure the amount of cash and estimate the marketable securities held in their foreign subsidiaries. The annual survey (BE-11) reports the amount of cash in each foreign subsidiary as well as inventory and “other current assets.” To estimate the marketable securities that are contained in other assets,we subtract an estimate of the subsidiary’s accounts receivable from other assets, assuming the accounts receivable to sales ratio is the same across the firm. Our estimate of the cash and marketable securities is thus: