The output is null here. There's no output. There was a copy elision here.
But it's strange, I read somewhere that copy elision DOES NOT OCCUR when there are more than 1 return statements in one function... which is in THIS CASE.
That doesn't say anything about copy elision being forbidden if there is more than one return statement, and it appears that you wrote that answer yourself anyway.
That is discussing the limitations of a specific compiler. Are you using Microsoft's Visual C++ compiler, from Visual Studio 2005? That's what has that limitation.