Taxation and leverage in international banking /

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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 i...

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Detalles Bibliográficos
Clasificación:Libro Electrónico
Autores principales: Gu, Grace (Autor), Mooij, Ruud A. de (Autor), Poghosyan, Tigran (Autor)
Formato: Electrónico eBook
Idioma:Inglés
Publicado: [Washington, D.C.] : International Monetary Fund, ©2012.
Colección:IMF working paper ; WP/12/281.
Temas:
Taxation > Econometric models.
Financial leverage > Econometric models.
Effet de levier > Modèles économétriques.
BUSINESS & ECONOMICS > Public Finance.
Taxation > Econometric models
Acceso en línea:Texto completo

MARC

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100 1 |a Gu, Grace,  |e author. 
245 1 0 |a Taxation and leverage in international banking /  |c prepared by Grace Weishi Gu, Ruud de Mooij, and Tigran Poghosyan. 
260 |a [Washington, D.C.] :  |b International Monetary Fund,  |c ©2012. 
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490 1 |a IMF working paper ;  |v WP/12/281 
500 |a Title from PDF title page (IMF Web site, viewed December 5, 2012). 
520 |a 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 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. 
504 |a Includes bibliographical references. 
500 |a "Fiscal Affairs Department." 
500 |a "November 2012." 
505 0 |a 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. 
505 8 |a 9. Robustness Check Estimation Results: Leverage Skewness and Tax Trend10. Robustness Check Estimation Results: Subsamples; 11. Estimation Results: Capital Tightness. 
546 |a English. 
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650 0 |a Taxation  |x Econometric models. 
650 0 |a Financial leverage  |x Econometric models. 
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700 1 |a Mooij, Ruud A. de,  |e author. 
700 1 |a Poghosyan, Tigran,  |e author. 
710 2 |a International Monetary Fund.  |b Fiscal Affairs Department,  |e issuing body. 
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