Delis, Fotis; Delēs, Manthos D.; Laeven, Luc; Ongena, … - 2022
estimation techniques within a mainstay model of profit shifting, we examine the subsidiary-year responses of earnings to the … composite tax indicator faced by all subsidiaries of a multinational firm. Our panel includes 26,593 subsidiaries across 95 … other parts of the world where taxation policies are less stringent on average, consistent with tax arbitrage strategies. We …