Dear colleagues, we cordially invite you to our Economic Research Seminar, Summer 2022, https://www.jku.at/en/department-of-economics/research/research-events/econo.... Our first lecture will be held online: Wed, 9th of March, 2022, 4:15 pm via Zoom: Valeria Merlo (University of Tübingen) "Taxes, Profit Shifting, and the Real Activities of MNEs: Evidence from Corporate Tax Notches“ Abstract: This paper exploits exogenous variation in tax notches created by controlled foreign corporation (CFC) rules to better understand the profit-shifting behavior of multinationals. Using new data on CFC rules and bilateral parent-affiliate ownership data, we estimate a profit-shifting semi-elasticity of about 0.32. Furthermore, we provide evidence that the unilateral implementation of anti-tax-avoidance regulation at the parent location leads to profit relocations consistent with tax-minimizing behavior. We do not find any evidence that parent countries benefit from this regulation (in terms of repatriated tax base) or that parent firms bear the economic costs (real outcomes of parents remain unaffected). Valeria Merlo is a professor of Economics at the University of Tübingen. Her research focuses on international economics, public economics, multinational firms, international taxation and applied economics. Furthermore she is part of the CESifo Research Fellowship, the Norwegian Center for Taxation (NoCeT) as well as the Ausschuss für Außenwirtschaftstheorie und -politik. Selected publications: * “The Commitment Role of Equity Financing” (with Matthias Fahn and Georg Wamser), Journal of the European Economic Association, July 2018 * “Measuring the Interdependence of Multinational Firms' Foreign Investments” (with Simon Bösenberg, Peter Egger and Georg Wamser), Economic Inquiry, April 2018 * “A Structural Quantitative Analysis of Services Trade De-liberalization, Discussion Paper 47/2018” (with Sven Blank, Peter Egger and Georg Wamser), Deutsche Bundesbank, December 2018 * “Relational Contracts, the Costs of Enforcing Formal Contracts, and Capital Structure Choice – Theory and Evidence” (with Matthias Fahn and Georg Wamser), RSIT Working Paper 02/2017 Zoom-Link for the lecture: https://jku.zoom.us/j/98460284922?pwd=R1ExbHQ3R2JaTkZGay9XeFRqNCtLQT09 Meeting-ID: 984 6028 4922 Passwort: 276571 Best regards, René Böheim — PD René Böheim, PhD Department of Economics JOHANNES KEPLER UNIVERSITÄT LINZ Altenberger Straße 69 4040 Linz, Österreich P +43-732-2468-7369