So if the paper is called "costs and benefits", what are the benefits? 
https://twitter.com/MForstater/status/1055433413556137984 …
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Its counter intuitive - as the paper suggests if tax treaties are reliably reducing tax costs, increasing post-tax returns for investors you would expect investment to respond.pic.twitter.com/rSdP5EuUZZ
The difference-in-difference findings depend on the matching of the of the synthesised control -- in general they find countries with treaties with M collect more tax and have more FDI, but the D-i-D analysis suggests that signing a treaty w M leads to drop in revenues.pic.twitter.com/BZBK45HEDL
