<?xml version="1.0" encoding="UTF-8"?><xml><records><record><source-app name="Biblio" version="7.x">Drupal-Biblio</source-app><ref-type>17</ref-type><contributors><authors><author><style face="normal" font="default" size="100%">Kenneth Klassen</style></author><author><style face="normal" font="default" size="100%">Stacie Laplante</style></author></authors></contributors><titles><title><style face="normal" font="default" size="100%">Are U.S. multinational corporations becoming more aggressive income shifters?</style></title><secondary-title><style face="normal" font="default" size="100%">Journal of Accounting Research</style></secondary-title></titles><dates><year><style  face="normal" font="default" size="100%">2012</style></year></dates><volume><style face="normal" font="default" size="100%">50</style></volume><pages><style face="normal" font="default" size="100%">1245–1285</style></pages><language><style face="normal" font="default" size="100%">eng</style></language><abstract><style face="normal" font="default" size="100%">&lt;p&gt;&amp;nbsp;&lt;/p&gt;&lt;p&gt;This paper examines income shifting of U.S. multinational companies over&amp;nbsp;the past two decades. Domestic and foreign policy makers are increasingly&amp;nbsp;concerned with the effect of income shifting on dwindling tax revenues, however,&amp;nbsp;extant research on income shifting by U.S. multinational enterprises is&amp;nbsp;mixed. We address the disconnect between the academic literature and the&amp;nbsp;policy maker’s perceptions by examining the extent of multijurisdictional income&amp;nbsp;shifting by U.S. multinational companies. We directly address conflicting&amp;nbsp;results in extant literature and show that using either multiperiod proxies&amp;nbsp;or instrumental variables overcomes weaknesses of annual proxies in this&amp;nbsp;setting. Our tests show that U.S. companies have become more active at shifting&amp;nbsp;income out of the United States as the regulatory costs of shifting have&amp;nbsp;changed. Holding tax rate differences between U.S. and foreign jurisdictions&amp;nbsp;constant, our empirical estimates suggest that our sample of 380 corporations&amp;nbsp;with low average foreign tax rates collectively shifts approximately $10 billion&amp;nbsp;of additional income out of the United States annually during 2005–2009 relative&amp;nbsp;to 1998–2002 due to varying regulatory costs of shifting.&lt;/p&gt;&lt;p&gt;&amp;nbsp;&lt;/p&gt;</style></abstract><issue><style face="normal" font="default" size="100%">5</style></issue></record></records></xml>