Taxation and leverage in international banking [[electronic resource] /] / prepared by Grace Weishi Gu, Ruud de Mooij, and Tigran Poghosyan

• Autore: Gu Grace
• Pubblicazione: Washington, D.C., : International Monetary Fund, c2012
• Descrizione fisica: 1 online resource (36 p.)
• Soggetto topico: Taxation - Econometric models; Financial leverage - Econometric models
• Soggetto genere / forma: Electronic books.
• Altri autori: MooijRuud A. de PoghosyanTigran
• Note generali: Description based upon print version of record.
• Nota di bibliografia: Includes bibliographical references.
• Nota di contenuto: 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
• Sommario/riassunto: 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 558 commercial bank subsidiaries of the 86 largest multinational banks in the world, we find that taxes
• Titolo autorizzato: Taxation and leverage in international banking
• ISBN: 1-4755-5221-1; 1-4755-4068-X
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Lingua di pubblicazione: Inglese
• Record Nr.: 9910452741103321
• Lo trovi qui: Univ. Federico II
• Serie: IMF Working Papers