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