06712oam 22015374 450 991096824060332120250426110658.0978147555221814755522119781475540680147554068X(CKB)2550000001041561(EBL)1607085(SSID)ssj0000943857(PQKBManifestationID)11593005(PQKBTitleCode)TC0000943857(PQKBWorkID)10983183(PQKB)11645444(Au-PeEL)EBL1607085(CaPaEBR)ebr10661252(OCoLC)820377579(IMF)WPIEE2012281(IMF)WPIEA2012281(MiAaPQ)EBC1607085WPIEA2012281(EXLCZ)99255000000104156120020129d2012 uf 0engurcn|||||||||txtccrTaxation and Leverage in International Banking /Grace Weishi Gu, Ruud A. Mooij, Tigran Poghosyan1st ed.Washington, D.C. :International Monetary Fund,2012.1 online resource (36 p.)IMF Working PapersDescription based upon print version of record.9781475549386 1475549385 9781475572209 1475572204 Includes bibliographical references.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: Alternatives9. Robustness Check Estimation Results: Leverage Skewness and Tax Trend 10. Robustness Check Estimation Results: Subsamples; 11. Estimation Results: Capital TightnessThis 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 558 commercial bank subsidiaries of the 86 largest multinational banks in the world, we find that taxes matter significantly, through both the traditional debt bias channel and the international debt shifting that is due to the international tax differentials. The latter channel is more robust and tends to be quantitatively more important. Our results imply that taxation causes significant international debt spillovers through multinational banks, which has potentially important implications for tax policy.IMF Working Papers; Working Paper ;No. 2012/281TaxationEconometric modelsFinancial leverageEconometric modelsBankingimfBanks and BankingimfBanks and bankingimfBanksimfBusiness Taxes and SubsidiesimfCapital and Ownership StructureimfCorporate & business taximfCorporate income taximfCorporate TaxationimfCorporationsimfCrisis managementimfDebt biasimfDeposit insuranceimfDepository InstitutionsimfEconomic & financial crises & disastersimfFinancial CrisesimfFinancial crisesimfFinancial Institutions and Services: Government Policy and RegulationimfFinancial Risk and Risk ManagementimfFinancial Risk ManagementimfFinancing PolicyimfGoodwillimfIncome taximfMicro Finance InstitutionsimfMortgagesimfPersonal Finance -TaxationimfPersonal Income and Other Nonbusiness Taxes and SubsidiesimfPublic finance & taxationimfTax administration and procedureimfTax allowancesimfTax policyimfTaxationimfTaxation, Subsidies, and Revenue: GeneralimfTaxesimfValue of FirmsimfUnited StatesimfTaxationEconometric models.Financial leverageEconometric models.BankingBanks and BankingBanks and bankingBanksBusiness Taxes and SubsidiesCapital and Ownership StructureCorporate & business taxCorporate income taxCorporate TaxationCorporationsCrisis managementDebt biasDeposit insuranceDepository InstitutionsEconomic & financial crises & disastersFinancial CrisesFinancial crisesFinancial Institutions and Services: Government Policy and RegulationFinancial Risk and Risk ManagementFinancial Risk ManagementFinancing PolicyGoodwillIncome taxMicro Finance InstitutionsMortgagesPersonal Finance -TaxationPersonal Income and Other Nonbusiness Taxes and SubsidiesPublic finance & taxationTax administration and procedureTax allowancesTax policyTaxationTaxation, Subsidies, and Revenue: GeneralTaxesValue of Firms332.1532Gu Grace Weishi1816449Mooij Ruud A1816450Poghosyan Tigran1815823DcWaIMFBOOK9910968240603321Taxation and Leverage in International Banking4372533UNINA00975cam0 22003011 450 SOBE0008550220260128102528.088-04-41172-420260128d1996 |||||ita|0103 baitaITLezioni privateVittorio Sgarbi4. edMilanoA. Mondadori1996195 p., [16! p. di tav.ill.23 cmIngrandimenti001LAEC000149812001 *IngrandimentiLezioni privateSOBA000367824452426Sgarbi, VittorioAF0002032807074487ITUNISOB20260128RICAUNISOBUNISOBFondo|Calì184778SOBE00085502M 102 Monografia moderna SBNMFondo|Calì002274SI18477820250704CaliDonoSrovitoUNISOBUNISOB20260128102331.020260128102412.0rovitoLezioni private4452426UNISOB