I'm not sure - text of article implies that, can't tell from what researchers have published.
But you say it drives Belgium conduit result? (also Euroclear ownership is irrelevant to corporate tax avoidance by listed companies)
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Yes, the structure goes GB:BE:LU:GB (owners to the right). It increase the conduit centrality of BE, and increase the sink centrality of GB.
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But that's meaningless! How are shares registered as belonging to Euroclear linked to tax avoidance and/or 'retaining/ storing' capital?
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