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Taxing banks leverage and syndicated lending: A cross-country comparison

Burietz, Aurore; Ongena, Steven; Picault, Matthieu (2023). Taxing banks leverage and syndicated lending: A cross-country comparison. International Review of Law and Economics, 73:106103.

Abstract

Between 2010 and 2012 and with bank stability as the ultimate target, five European countries implemented a tax levy on banks’ liabilities thereby decreasing the cost of equity relative to the cost of debt. Using a difference-in-differences approach we assess the impact of this tax levy on banks’ participation in the syndicated loan market. We further investigate the impact of the tax levy along bank size and capital structure. We find that banks located in countries where the tax levy was implemented supply more credit. This increase is more significant for larger lenders and banks that are more capital constrained.

Additional indexing

Item Type:Journal Article, refereed, original work
Communities & Collections:03 Faculty of Economics > Department of Finance
Dewey Decimal Classification:330 Economics
Scopus Subject Areas:Social Sciences & Humanities > Finance
Social Sciences & Humanities > Economics and Econometrics
Social Sciences & Humanities > Law
Uncontrolled Keywords:Banks, Tax levy, Syndicated loans
Scope:Discipline-based scholarship (basic research)
Language:English
Date:March 2023
Deposited On:04 Jul 2023 14:09
Last Modified:29 Oct 2024 02:40
Publisher:Elsevier
ISSN:0144-8188
OA Status:Hybrid
Free access at:Publisher DOI. An embargo period may apply.
Publisher DOI:https://doi.org/10.1016/j.irle.2022.106103
Official URL:https://www.sciencedirect.com/science/article/pii/S014481882200059X
Other Identification Number:merlin-id:22867
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  • Language: English
  • Licence: Creative Commons: Attribution 4.0 International (CC BY 4.0)

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