$AFFij(t)×$ (1) (2) (3) (4) $Δτjt×Ilow,t$ −0.030*** −0.029*** −0.029*** −0.030*** (0.011) (0.011) (0.011) (0.011) $Δτjt×Ihigh,t$ −0.007 −0.007 −0.007 −0.007 (0.006) (0.006) (0.006) (0.006) $lnGDP$$PCjt$ −0.058 −0.059 −0.005 (0.133) (0.133) (0.088) Adjusted $R2$ 0.91 0.91 0.91 0.91 $N$ 387,709 384,525 312,174 384,525
 $AFFij(t)×$ (1) (2) (3) (4) $Δτjt×Ilow,t$ −0.030*** −0.029*** −0.029*** −0.030*** (0.011) (0.011) (0.011) (0.011) $Δτjt×Ihigh,t$ −0.007 −0.007 −0.007 −0.007 (0.006) (0.006) (0.006) (0.006) $lnGDP$$PCjt$ −0.058 −0.059 −0.005 (0.133) (0.133) (0.088) Adjusted $R2$ 0.91 0.91 0.91 0.91 $N$ 387,709 384,525 312,174 384,525
This table presents our baseline results, based on equation (1). The dependent variable, $lnpijkt$, is the average unit price of exports of product $k$ to country $j$ by firm $i$ in year $t$. $Δτjt$ is the absolute tax rate difference between country $j$ and the United Kingdom in year $t$. $Ilow,t$ ($Ihigh,t$) indicates whether a country has a lower (higher) tax rate than the United Kingdom in year $t$. $AFFij(t)$ indicates if MNC $i$ has at least one affiliate in country $j$ in year $t$. $lnGDPPCjt$ is the log of per capita GDP in country $j$ in year $t$. Standard errors clustered by country-year pairs are in parentheses. Significant at $***$1%, $**$5%, and $*$10%.