We were pleased to host Ruby Doeleman at our Accounting Research Seminar last week. She presented joint work with Harald Amberger and Stefanie Pendl (funded by ÖAW – Austrian Academy of Science) that matches corporate tax return data with financial statement data to estimate tax-motivated cross-border income shifting in Austria. The authors find that the taxable income of the average Austrian MNE in their sample decreases by 1.8% in response to a one percentage point increase in the outward-shifting tax incentive. In contrast, they find little evidence of income shifting when relying on financial statement profits as a proxy for taxable income—a common approach in prior research. However, when financial statement profits are adjusted for tax-exempt dividend income, the resulting estimates align more closely with the main findings. Overall, the study underscores that relying on financial statement data to approximate taxable income can compromise the reliability of income-shifting estimates.