Taxation and Leverage in International Banking:
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...
Gespeichert in:
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2012
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| Schriftenreihe: | IMF Working Papers
Working Paper No. 12/281 |
| Schlagworte: | |
| Online-Zugang: | BSB01 FAN01 FHA01 FKE01 FLA01 FLA01 FNU01 LCO01 SBG01 SBR01 TUM01 UBA01 UBG01 UBM01 UBR01 UBT01 UBW01 UBY01 UEI01 UER01 UPA01 Volltext |
| Zusammenfassung: | 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 |
| Beschreibung: | Title from PDF title page (IMF Web site, viewed Dec. 5, 2012). - "Fiscal Affairs Department.". - "November 2012." |
| Beschreibung: | 1 Online-Ressource (35 Seiten) |
| ISBN: | 1475572204 9781475572209 9781475549386 1475549385 147554068X 9781475540680 |
| ISSN: | 1018-5941 |
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| id | DE-604.BV048358284 |
| illustrated | Not Illustrated |
| index_date | 2024-07-03T20:14:04Z |
| indexdate | 2024-07-10T09:35:52Z |
| institution | BVB |
| isbn | 1475572204 9781475572209 9781475549386 1475549385 147554068X 9781475540680 |
| issn | 1018-5941 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-033737520 |
| oclc_num | 820377579 1337141474 |
| open_access_boolean | |
| owner | DE-20 DE-824 DE-70 DE-155 DE-BY-UBR DE-29 DE-22 DE-BY-UBG DE-473 DE-BY-UBG DE-1102 DE-703 DE-859 DE-706 DE-384 DE-860 DE-19 DE-BY-UBM DE-739 DE-355 DE-BY-UBR DE-Aug4 DE-1049 DE-12 DE-91 DE-BY-TUM |
| owner_facet | DE-20 DE-824 DE-70 DE-155 DE-BY-UBR DE-29 DE-22 DE-BY-UBG DE-473 DE-BY-UBG DE-1102 DE-703 DE-859 DE-706 DE-384 DE-860 DE-19 DE-BY-UBM DE-739 DE-355 DE-BY-UBR DE-Aug4 DE-1049 DE-12 DE-91 DE-BY-TUM |
| physical | 1 Online-Ressource (35 Seiten) |
| psigel | ZDB-1-IMF ZDB-4-EBU ZDB-30-PAD ZDB-30-PBE ZDB-4-EBU FLA_PDA_EBU |
| publishDate | 2012 |
| publishDateSearch | 2012 |
| publishDateSort | 2012 |
| publisher | International Monetary Fund |
| record_format | marc |
| series2 | IMF Working Papers |
| spelling | Gu, Grace Weishi Verfasser (DE-588)143421778 aut Taxation and Leverage in International Banking prepared by Grace Weishi Gu, Ruud de Mooij, and Tigran Poghosyan Washington, D.C International Monetary Fund 2012 1 Online-Ressource (35 Seiten) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 12/281 1018-5941 Title from PDF title page (IMF Web site, viewed Dec. 5, 2012). - "Fiscal Affairs Department.". - "November 2012." 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 Online-Ausg BUSINESS & ECONOMICS / Public Finance bisacsh Taxation / Econometric models fast Taxation Econometric models Financial leverage Econometric models Mooij, Ruud A. de 1968- Sonstige (DE-588)115083537 oth Poghosyan, Tigran Sonstige oth http://elibrary.imf.org/view/IMF001/20119-9781475572209/20119-9781475572209/20119-9781475572209.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Gu, Grace Weishi Taxation and Leverage in International Banking BUSINESS & ECONOMICS / Public Finance bisacsh Taxation / Econometric models fast Taxation Econometric models Financial leverage Econometric models |
| title | Taxation and Leverage in International Banking |
| title_auth | Taxation and Leverage in International Banking |
| title_exact_search | Taxation and Leverage in International Banking |
| title_exact_search_txtP | Taxation and Leverage in International Banking |
| title_full | Taxation and Leverage in International Banking prepared by Grace Weishi Gu, Ruud de Mooij, and Tigran Poghosyan |
| title_fullStr | Taxation and Leverage in International Banking prepared by Grace Weishi Gu, Ruud de Mooij, and Tigran Poghosyan |
| title_full_unstemmed | Taxation and Leverage in International Banking prepared by Grace Weishi Gu, Ruud de Mooij, and Tigran Poghosyan |
| title_short | Taxation and Leverage in International Banking |
| title_sort | taxation and leverage in international banking |
| topic | BUSINESS & ECONOMICS / Public Finance bisacsh Taxation / Econometric models fast Taxation Econometric models Financial leverage Econometric models |
| topic_facet | BUSINESS & ECONOMICS / Public Finance Taxation / Econometric models Taxation Econometric models Financial leverage Econometric models |
| url | http://elibrary.imf.org/view/IMF001/20119-9781475572209/20119-9781475572209/20119-9781475572209.xml |
| work_keys_str_mv | AT gugraceweishi taxationandleverageininternationalbanking AT mooijruudade taxationandleverageininternationalbanking AT poghosyantigran taxationandleverageininternationalbanking |