LEADER 01220nam 2200361 a 450 001 9910696373303321 005 20080107135032.0 035 $a(CKB)5470000002377096 035 $a(OCoLC)187985275 035 $a(EXLCZ)995470000002377096 100 $a20080107d2007 ua 0 101 0 $aeng 135 $aurmn||||||||| 181 $ctxt$2rdacontent 182 $cc$2rdamedia 183 $acr$2rdacarrier 200 10$aBankruptcy$b[electronic resource] $eimplementation of Reform Act's debt reaffirmation agreement provisions : report to congress 210 1$a[Washington, D.C.] :$cU.S. Govt. Accountability Office,$d[2007] 215 $aiv, 63 pages $cdigital, PDF file 300 $aTitle from title screen (viewed on Jan. 3, 2008). 300 $a"December 2007." 300 $aPaper version available from: U.S. Govt. Accountability Office, 441 G St., NW, Rm. LM, Washington, D.C. 20548. 300 $a"GAO-08-94." 320 $aIncludes bibliographical references. 517 $aBankruptcy 606 $aBankruptcy$zUnited States 615 0$aBankruptcy 801 0$bGPO 801 1$bGPO 906 $aBOOK 912 $a9910696373303321 996 $aBankruptcy$93437231 997 $aUNINA LEADER 06528oam 22014534 450 001 9910779643003321 005 20230802010347.0 010 $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(IMF)WPIEE2012281 035 $a(IMF)WPIEA2012281 035 $a(EXLCZ)992550000001041561 100 $a20020129d2012 uf 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aTaxation and Leverage in International Banking /$fGrace Weishi Gu, Ruud A. Mooij, Tigran Poghosyan 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2012. 215 $a1 online resource (36 p.) 225 1 $aIMF Working Papers 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 3 $aThis paper explores how corporate taxes affect the financial structure of multinational banks. Guided by a simple theory of optimal capital structure it tests (i) whether corporate taxes induce subsidiary banks to raise their debt-asset ratio in light of the traditional debt bias; and (ii) whether international corporate tax differentials vis-a-vis foreign subsidiary banks affect the intra-bank capital structure through international debt shifting. Using a novel subsidiary-level dataset for 558 commercial bank subsidiaries of the 86 largest multinational banks in the world, we find that taxes matter significantly, through both the traditional debt bias channel and the international debt shifting that is due to the international tax differentials. The latter channel is more robust and tends to be quantitatively more important. Our results imply that taxation causes significant international debt spillovers through multinational banks, which has potentially important implications for tax policy. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2012/281 606 $aTaxation$xEconometric models 606 $aFinancial leverage$xEconometric models 606 $aBanks and Banking$2imf 606 $aFinancial Risk Management$2imf 606 $aTaxation$2imf 606 $aCorporate Taxation$2imf 606 $aPersonal Finance -Taxation$2imf 606 $aBanks$2imf 606 $aDepository Institutions$2imf 606 $aMicro Finance Institutions$2imf 606 $aMortgages$2imf 606 $aFinancing Policy$2imf 606 $aFinancial Risk and Risk Management$2imf 606 $aCapital and Ownership Structure$2imf 606 $aValue of Firms$2imf 606 $aGoodwill$2imf 606 $aBusiness Taxes and Subsidies$2imf 606 $aFinancial Institutions and Services: Government Policy and Regulation$2imf 606 $aFinancial Crises$2imf 606 $aTaxation, Subsidies, and Revenue: General$2imf 606 $aPersonal Income and Other Nonbusiness Taxes and Subsidies$2imf 606 $aBanking$2imf 606 $aCorporate & business tax$2imf 606 $aEconomic & financial crises & disasters$2imf 606 $aPublic finance & taxation$2imf 606 $aCorporate income tax$2imf 606 $aDeposit insurance$2imf 606 $aFinancial crises$2imf 606 $aDebt bias$2imf 606 $aTaxes$2imf 606 $aTax policy$2imf 606 $aTax allowances$2imf 606 $aBanks and banking$2imf 606 $aCorporations$2imf 606 $aCrisis management$2imf 606 $aTax administration and procedure$2imf 606 $aIncome tax$2imf 607 $aUnited States$2imf 615 0$aTaxation$xEconometric models. 615 0$aFinancial leverage$xEconometric models. 615 7$aBanks and Banking 615 7$aFinancial Risk Management 615 7$aTaxation 615 7$aCorporate Taxation 615 7$aPersonal Finance -Taxation 615 7$aBanks 615 7$aDepository Institutions 615 7$aMicro Finance Institutions 615 7$aMortgages 615 7$aFinancing Policy 615 7$aFinancial Risk and Risk Management 615 7$aCapital and Ownership Structure 615 7$aValue of Firms 615 7$aGoodwill 615 7$aBusiness Taxes and Subsidies 615 7$aFinancial Institutions and Services: Government Policy and Regulation 615 7$aFinancial Crises 615 7$aTaxation, Subsidies, and Revenue: General 615 7$aPersonal Income and Other Nonbusiness Taxes and Subsidies 615 7$aBanking 615 7$aCorporate & business tax 615 7$aEconomic & financial crises & disasters 615 7$aPublic finance & taxation 615 7$aCorporate income tax 615 7$aDeposit insurance 615 7$aFinancial crises 615 7$aDebt bias 615 7$aTaxes 615 7$aTax policy 615 7$aTax allowances 615 7$aBanks and banking 615 7$aCorporations 615 7$aCrisis management 615 7$aTax administration and procedure 615 7$aIncome tax 700 $aGu$b Grace Weishi$01476620 701 $aMooij$b Ruud A$01476621 701 $aPoghosyan$b Tigran$01476622 801 0$bDcWaIMF 906 $aBOOK 912 $a9910779643003321 996 $aTaxation and Leverage in International Banking$93691361 997 $aUNINA