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讲座:Why do Banks Assist Corporate Tax Avoidance? Evidence from Debt-Equity Dual Holding

发布者:金融系    发布时间:2021-10-12

题 目:Why do Banks Assist Corporate Tax Avoidance? Evidence from Debt-Equity Dual Holding

嘉 宾:戚亚烜  副教授  香港城市大学

主持人:     副教授  上海交通大学安泰经济与管理学院

时 间:20211018日(周一)10:00-11:30

地 点:腾讯会议(校内师生如需获取会议号和密码,请于10月15日下午17点前

               发送电邮至finance@acem.sjtu.edu.cn)

内容简介:

This study finds that banks are more likely to assist their corporate clients' tax avoidance activities when they are dual-holders (i.e., hold both debt and equity) of the client firms. Using the exogenous change in firms' bank dual holding due to bank mergers, we conduct difference-in-differences (DiD) tests to draw causal inferences. We find that firms that establish dual holding relationships with banks experience a three percent decrease in the effective tax rate than those that do not. The effect of dual holding is more pronounced when banks have larger equity or loan shares of the firm, have more expertise in tax assistance, or are specialists in the firm's industry. This effect is also stronger for client firms with more foreign income and unexploited tax-saving capacity.

演讲人简介

  戚亚烜博士现任香港城市大学经济金融系副教授,博导,亚太会计与经济学杂志(APJAE)副主编。美国罗格斯大学金融学博士。中国人民大学金融学硕士,中央财经大学投资学、法律学双学士。

  曾任加拿大康考迪亚大学副教授。研究兴趣:公司财务、企业融资和金融契约、跨国公司财务管理、政企关系,法律与金融。其论文发表在国际顶级期刊比如Journal of Financial Economics, The Accounting Review, Journal of Law and Economics, and Journal of International Business Studies.

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