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Record Nr. |
UNINA9910452741103321 |
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Autore |
Gu Grace |
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Titolo |
Taxation and leverage in international banking [[electronic resource] /] / prepared by Grace Weishi Gu, Ruud de Mooij, and Tigran Poghosyan |
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Pubbl/distr/stampa |
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Washington, D.C., : International Monetary Fund, c2012 |
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ISBN |
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1-4755-5221-1 |
1-4755-4068-X |
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Descrizione fisica |
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1 online resource (36 p.) |
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Collana |
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IMF working paper ; ; WP/12/281 |
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Altri autori (Persone) |
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MooijRuud A. de |
PoghosyanTigran |
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Soggetti |
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Taxation - Econometric models |
Financial leverage - Econometric models |
Electronic books. |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Note generali |
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Description based upon print version of record. |
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Nota di bibliografia |
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Includes bibliographical references. |
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Nota di contenuto |
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Cover; Contents; I. Introduction; II. Theoretical Model; III. Empirical Methodology and Data; A. Methodology; B. Data; IV. Results; A. Baseline Regressions; B. Robustness Checks; C. Extension: Capital Tightness; V. Conclusions; References; Technical Appendix; Figures; 1. Bank Leverage Histogram; Tables; 1. Variable Source and Construction; 2. Summary Statistics; 3. Correlations; 4. Number of Banks; 5. Average Financial Leverage and Tax Rates; 6. Baseline Estimation Results; 7. Robustness Check Estimation Results: Standard Errors; 8. Robustness Check Estimation Results: Alternatives |
9. Robustness Check Estimation Results: Leverage Skewness and Tax Trend 10. Robustness Check Estimation Results: Subsamples; 11. Estimation Results: Capital Tightness |
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Sommario/riassunto |
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This paper explores how corporate taxes affect the financial structure of multinational banks. Guided by a simple theory of optimal capital structure it tests (i) whether corporate taxes induce subsidiary banks to raise their debt-asset ratio in light of the traditional debt bias; and (ii) whether international corporate tax differentials vis-a-vis foreign subsidiary banks affect the intra-bank capital structure through international debt shifting. Using a novel subsidiary-level dataset for |
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