Johannes Voget

University of Mannheim

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Davud Rostam‐Afschar

University of Mannheim

Philipp Dörrenberg

University of Mannheim

Jannis Bischof

University of Mannheim

Dirk Simons

University of Mannheim

Harry Huizinga

Centre for Economic Policy Research

Wolf Wagner

Centre for Economic Policy Research

Fabian Eble

Escola Brasileira de Economia e Finanças

Maximilian Todtenhaupt

Norwegian School of Economics

Ulrich Schreiber

Technical University of Munich

Lars P. Feld

University of Freiburg

Cooperative Institutions

University of Mannheim

Centre for European Economic Research

Ludwig-Maximilians-Universität München

Paderborn University

European School of Management and Technology

WHU – Otto Beisheim School of Management

Humboldt-Universität zu Berlin

Goethe University Frankfurt

Ifo Institute for Economic Research

Institut für Unternehmenskybernetik

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Can European Banks’ Country-by-Country Reports Reveal Profit Shifting? An Analysis of the Information Content of EU Banks’ Disclosures

SSRN Electronic Journal (2019)

Verena K. Dutt Katharina Nicolay Heiko Vay Johannes Voget

We create a novel database of hand-collected information from the country-by-country reports (CbCRs) of more than 100 multinational bank groups headquartered in the EU for 2014-2016. We compare this new dataset with information from Orbis and Bank Focus to assess in how far the new disclosure obligation increased transparency on banks' tax avoidance behavior. Our descriptive analysis shows that CbCRs uncover a large fraction of worldwide profits and real activities in terms of employees of EU bank groups, especially in tax havens. We also document a striking disconnect between reported profits and real activity, noting considerable heterogeneity between different tax havens and bank groups from different headquarter countries. Regression analysis based on CbCR data and Bank Focus data leads us to expect a tax semi-elasticity of banks' reported profits of about -4.6. In this regard, CbCRs are indicative of a more pronounced tax sensitivity than conventional databases suggest. However, the lack of important economic variables (total assets and staff cost) impedes an exact estimation of banks' profit shifting based on CbCR data alone and with standard methods. These insights are especially relevant in the context of the ongoing political discussions whether to introduce a public CbCR for all large multinational firms in the EU.

Eu countries

10.2139/ssrn.3472876

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Citations (17)

Vor den Landtagswahlen im Südwesten: Wie Unternehmen in Baden-Württemberg und Rheinland-Pfalz die Corona-Krise bewerten

Jannis Bischof Philipp Dörrenberg Fabian Eble Christopher Karlsson Clemens Lauer

10.52569/ojae6799

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The Effect of Tax Uncertainty on Firm Decision-Making

AEA Randomized Controlled Trials (2024)

Fabian Eble Philipp Doerrenberg Davud Rostam‐Afschar Maik Sattelmaier Johannes Voget

10.1257/rct.13142-1.0

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Can European banks' country-by-country reports reveal profit shifting? An analysis of the information content of EU banks' disclosures

RePEc: Research Papers in Economics (2019)

Verena K. Dutt Katharina Nicolay Heiko Vay Johannes Voget

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How do Taxes Affect the Trading Behavior of Private Investors? Evidence from Individual Portfolio Data

SSRN Electronic Journal (2020)

Florian Buhlmann Philipp Dörrenberg Johannes Voget Benjamin Loos

We exploit a large reform of capital-gains taxation in Germany combined with portfolio-level daily panel data to study the causal effect of taxes on individual stock-trading behavior and the disposition effect. We find substantial spikes in selling probabilities around an intertemporal tax discontinuity, and no such spikes after the abolishment of the discontinuity. Using difference-in-bunching methods, nonparametric regressions and effective tax rates, we quantify the tax effect and identify interesting patterns of heterogeneity. We further find evidence that the wellestablished disposition effect is strongly affected by the tax discontinuity through tax motivated selling of both gains and losses.

Affect

10.2139/ssrn.3710523

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Citations (3)

Increasing tax transparency: investor reactions to the country-by-country reporting requirement for EU financial institutions

International Tax and Public Finance (2019)

Verena K. Dutt Christopher Ludwig Katharina Nicolay Heiko Vay Johannes Voget

Event study

Share price

Corporate Finance

10.1007/s10797-019-09575-4

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Citations (36)

The Relation between Tax Complexity and Foreign Direct Investments: Evidence Across Countries

RePEc: Research Papers in Economics (2020)

Thomas Hoppe Deborah Schanz Susann Sturm Caren Sureth-Sloane Johannes Voget

This paper analyzes the association between tax complexity and foreign direct investments (FDI) based on the newly developed Tax Complexity Index (TCI) and its components. For a sample of 15,607 new foreign subsidiaries, we find no association between total tax complexity, as proxied by the TCI, and the location probability. When we decompose the TCI into tax code complexity and tax framework complexity, we find opposing associations. Tax code complexity is positively related to the location probability, while tax framework complexity is negatively related to it. These associations are, for example, driven by the complexity of transfer pricing and loss offset regulations in the tax code and the dimensions guidance, audits, as well as filing and payments, in the tax framework. In additional analyses, we find that the associations are sensitive to certain characteristics, such as country-specific and firm-specific characteristics. For example, the positive tax code association diminishes when tax rates are high. Overall, we are the first to provide empirical evidence on potential cost-benefit tradeoffs of tax complexity for FDI and thereby enhance prior literature, which has primarily focused on the costs of tax complexity.

Cyclomatic complexity

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GBP-Monitor: Unternehmenstrends im Juli 2024

Jannis Bischof Philipp Dörrenberg Davud Rostam‐Afschar Dirk Simons Johannes Voget

10.52569/kycc9424

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International Taxation and Cross-Border Banking

SSRN Electronic Journal (2011)

Harry Huizinga Johannes Voget Wolf Wagner

This paper examines empirically how international taxation affects the volume and pricing of cross-border banking activities for a sample of banks in 38 countries over the 1998-2008 - period. Home country corporate income taxation of foreign-source bank income is found to reduce banking-sector FDI. Furthermore, such taxation is almost fully passed on into higher interest margins charged abroad. These results imply that international double taxation distorts the activities of international banks, and that the incidence of international double taxation of banks is on bank customers in the foreign subsidiary country. Our analysis informs the debate about additional taxation of the financial sector that has emerged in the wake of the recent financial crisis.

International banking

10.2139/ssrn.1861058

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Citations (9)

GBP-Monitor: Unternehmenstrends im November 2021

Jannis Bischof Philip Dörrenberg Davud Rostam‐Afschar Dirk Simons Johannes Voget

10.52569/krax2859

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