This paper provides a quantitative review of the empirical literature on profit-shifting behavior of
multinational firms. We synthesize the evidence from 25 studies and find a substantial response
of profit measures to international tax rate differentials. Accounting for misspecification biases
by means of meta-regressions, we predict a tax semi-elasticity of subsidiary pre-tax profits of
about 0.8. Moreover, we disentangle the tax response by means of financial planning from the
transfer pricing and licensing channel. Our results suggest that transfer pricing and licensing are
the dominant profit-shifting channel.
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