Conference Agenda

Overview and details of the sessions of this online conference.

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The last speaker of each session is the session chair. The discussant is always the following speaker, with the first speaker being the discussant of the last paper. Each paper has a 22-minutes-block in all sessions. There should be 15 minutes and no more than 18 minutes for the presenter. The discussion is then started by the discussant. Please note that the role of the discussant is different compared to previous years: The discussant has only 1-2 minutes and s/he is not allowed to give a lengthy summary of the paper together with comprehensive comments. Instead, her/his task is to raise one single question/comment and, in doing so, start the general discussion! All participants are asked to be strict in timing to allow people to change sessions during the general discussion. For a (rare) session with less papers in the session than the time slot allows, stick to the congress schedule and use 22 minutes per presentation to allow listeners to smoothly change between sessions.

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Please note that all times are shown in the time zone of the conference. The current conference time is: 5th Dec 2021, 05:08:17pm GMT

Session Overview
L06: The Corporate Tax
Friday, 20/Aug/2021:
2:15pm - 3:45pm

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2:15pm - 2:37pm

Tax Avoidance with Hybrid Financial Instruments

Svea Holtmann1, Reinald Koch1, Dominika Langenmayr1,2

1Catholic University of Eichstaett-Ingolstadt, Germany; 2CESifo

Tax avoidance with hybrid financial instruments (HFIs) is difficult to study since financial statements do not disclose the tax treatment of financial instruments. We provide empirical evidence on this tax avoidance channel by studying the effect of implementing a linking rule in Germany in 2014. This rule links the tax treatment of a financial instrument to the tax treatment in the counterparty country, thereby making tax avoidance with HFIs impossible. Using a large panel on investment relations among affiliated companies for the period 2006-2016, we find that the introduction of the linking rule is associated with a change in the capital structure among companies where tax avoidance with HFIs was possible before.

Holtmann-Tax Avoidance with Hybrid Financial Instruments-134.pdf

2:37pm - 3:00pm

The Corporate Elasticity of Taxable Income: Event Study Evidence from Switzerland

David Staubli1, Matthias Krapf2

1Swiss Federal Tax Administration, Switzerland; 2University of Basel, Switzerland

We estimate the corporate elasticity of taxable income. Our analysis draws on panel variation in the decentralized system of corporate taxation in Switzerland. We find that an increase in a jurisdiction's corporate net-of-tax rate by 1% results in an increase in aggregate corporate income by about 3.5% over a time span of 4 years. The elasticity is larger in remote, non-central locations. Firm entry, exit, and mobility only account for a small share of the overall elasticity.

Staubli-The Corporate Elasticity of Taxable Income-324.pdf

3:00pm - 3:22pm

Corporate taxes and union wages in the United States

R. Alison Felix1, James R. Hines Jr.2

1Federal Reserve Bank of Kansas City; 2University of Michigan

This paper evaluates the effect of U.S. state corporate income taxes on union wage premiums. American workers who belong to unions are paid more than their non-union counterparts, and this difference is greater in low-tax locations, possibly reflecting that unions and employers share tax savings associated with low tax rates. In 2000 the difference between average union and non-union hourly wages was $1.88 greater in states with corporate tax rates below four percent than in states with tax rates of nine percent and above. Controlling for observable worker characteristics, a one percent lower state tax rate is associated with a 0.36 percent higher union wage premium, suggesting that workers in a fully unionized firm capture roughly 54 percent of the benefits of low tax rates.

Felix-Corporate taxes and union wages in the United States-358.pdf

3:22pm - 3:45pm

The German Business Panel: Insights on Corporate Taxation and Accounting during the Covid-19 Pandemic

Jannis Bischof, Philipp Dörrenberg, Davud Rostam-Afschar, Dirk Simons, Johannes Voget

University of Mannheim, Germany

We introduce the German Business Panel (GBP), a novel large-scale survey of German firms. The GBP periodically surveys executives and key decision-makers in a representative sample of German firms, taking stock of their perceptions, views, and expectations. A particular focus of the survey is on the role of accounting and tax regulation for companies. We present findings from the first wave of the GBP which was in the field over the summer 2020 and addressed the consequences of the Covid-19 pandemic for companies in Germany. Relying on more than 10,000 complete responses, we disentangle how the economic impact of Covid-19 hits industries with varying intensity. We also document that state aid was insufficient for the hardest-hit firms. As a consequence, firms systematically took additional measures like cost-cutting or reducing cash outflows. The state interventions did not lead to managers expecting a substantial increase in future tax rates.

Bischof-The German Business Panel-498.pdf

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