Calendrier du 18 novembre 2022
EU Tax Observatory Seminar
Du 18/11/2022 de 13:00 à 14:00
Salles R1.14, Campus Jourdan
PALANSKý Miroslav (Charles University, Prague)
The spillover effects of forced corporate transparency through offshore leaks
Leaks of confidential documents from companies that facilitate the creation of secretive corporate structures in offshore jurisdictions have become a major source of information about the world of financial secrecy, with far-reaching consequences for the individuals involved. In this paper, I look at the effects that the leaks have on individuals not directly involved in the leaks, but using schemes and tax havens exposed by the leaks. I develop a new dataset of bilateral corporate transparency and use the leaks in an event-study design to assess their impact on cross-border bank deposits and portfolio investment. I find that offshore leaks negatively influence the use of the implicated offshore jurisdictions: the more pronounced is the presence of a given offshore jurisdiction in an offshore leak, the higher is the effect on inward cross-border financial flows to that jurisdiction. I then investigate whether this effect is driven by one important feature of the data on cross-border financial flows: that it is reported at the immediate ownership level (rather than ultimate). I find a higher negative effect of leaks on financial flows from less-developed countries, in which control mechanisms are weaker, and thereby the costs of setting up a simple offshore structure are lower (via lower detection probabilities).
Du 18/11/2022 de 12:30 à 13:30
() CANCEL;
La séance est annulée