Publication: Swiss Banking Secrecy: The Stock Market Evidence
Swiss Banking Secrecy: The Stock Market Evidence
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Delaloye, F.-X., Habib, M. A., & Ziegler, A. (2012). Swiss Banking Secrecy: The Stock Market Evidence. Financial Markets and Portfolio Management, 26(1), 143–176. https://doi.org/10.1007/s11408-011-0178-6
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We examine the stock price reactions of four Swiss banks to negotiations between Switzerland and the European Union and between Switzerland and the United States to (i) obtain an estimate of the value of banking secrecy to Swiss banks, and (ii) distinguish between tax evasion and genuine privacy concerns as sources of that value. We find that the value of banking secrecy to the private banks is large, accounting for 8 to 14% of their market value; in contrast, the value of banking secrecy to the universal banks is small. We further fi
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- Delaloye, Francois-Xavier
- Ziegler, Alexandre
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Delaloye, F.-X., Habib, M. A., & Ziegler, A. (2012). Swiss Banking Secrecy: The Stock Market Evidence. Financial Markets and Portfolio Management, 26(1), 143–176. https://doi.org/10.1007/s11408-011-0178-6