LEADER 03253nam 2200613Ia 450 001 9910452741103321 005 20200520144314.0 010 $a1-4755-5221-1 010 $a1-4755-4068-X 035 $a(CKB)2550000001041561 035 $a(EBL)1607085 035 $a(SSID)ssj0000943857 035 $a(PQKBManifestationID)11593005 035 $a(PQKBTitleCode)TC0000943857 035 $a(PQKBWorkID)10983183 035 $a(PQKB)11645444 035 $a(MiAaPQ)EBC1607085 035 $a(Au-PeEL)EBL1607085 035 $a(CaPaEBR)ebr10661252 035 $a(OCoLC)820377579 035 $a(EXLCZ)992550000001041561 100 $a20121205d2012 uy 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aTaxation and leverage in international banking$b[electronic resource] /$fprepared by Grace Weishi Gu, Ruud de Mooij, and Tigran Poghosyan 210 $aWashington, D.C. $cInternational Monetary Fund$dc2012 215 $a1 online resource (36 p.) 225 0 $aIMF working paper ;$vWP/12/281 300 $aDescription based upon print version of record. 311 $a1-4755-4938-5 311 $a1-4755-7220-4 320 $aIncludes bibliographical references. 327 $aCover; 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 327 $a9. Robustness Check Estimation Results: Leverage Skewness and Tax Trend 10. Robustness Check Estimation Results: Subsamples; 11. Estimation Results: Capital Tightness 330 $aThis paper explores how corporate taxes affect the financial structure of multinational banks. Guided by a simple theory of optimal capital structure it tests (i) whether corporate taxes induce subsidiary banks to raise their debt-asset ratio in light of the traditional debt bias; and (ii) whether international corporate tax differentials vis-a-vis foreign subsidiary banks affect the intra-bank capital structure through international debt shifting. Using a novel subsidiary-level dataset for 558 commercial bank subsidiaries of the 86 largest multinational banks in the world, we find that taxes 410 0$aIMF Working Papers 606 $aTaxation$xEconometric models 606 $aFinancial leverage$xEconometric models 608 $aElectronic books. 615 0$aTaxation$xEconometric models. 615 0$aFinancial leverage$xEconometric models. 700 $aGu$b Grace$0879389 701 $aMooij$b Ruud A. de$0879390 701 $aPoghosyan$b Tigran$0873351 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910452741103321 996 $aTaxation and leverage in international banking$91963645 997 $aUNINA