---
_id: '15744'
author:
- first_name: Minh Ly
  full_name: Liêu, Minh Ly
  last_name: Liêu
- first_name: Matthias
  full_name: Pelster, Matthias
  id: '67265'
  last_name: Pelster
  orcid: ' https://orcid.org/0000-0001-5740-2420'
citation:
  ama: Liêu ML, Pelster M. Framing and the disposition effect in a scopic regime.
    <i>The Quarterly Review of Economics and Finance</i>. 2020;78:175-185. doi:<a
    href="https://doi.org/10.1016/j.qref.2020.01.008">10.1016/j.qref.2020.01.008</a>
  apa: Liêu, M. L., &#38; Pelster, M. (2020). Framing and the disposition effect in
    a scopic regime. <i>The Quarterly Review of Economics and Finance</i>, <i>78</i>,
    175–185. <a href="https://doi.org/10.1016/j.qref.2020.01.008">https://doi.org/10.1016/j.qref.2020.01.008</a>
  bibtex: '@article{Liêu_Pelster_2020, title={Framing and the disposition effect in
    a scopic regime}, volume={78}, DOI={<a href="https://doi.org/10.1016/j.qref.2020.01.008">10.1016/j.qref.2020.01.008</a>},
    journal={The Quarterly Review of Economics and Finance}, author={Liêu, Minh Ly
    and Pelster, Matthias}, year={2020}, pages={175–185} }'
  chicago: 'Liêu, Minh Ly, and Matthias Pelster. “Framing and the Disposition Effect
    in a Scopic Regime.” <i>The Quarterly Review of Economics and Finance</i> 78 (2020):
    175–85. <a href="https://doi.org/10.1016/j.qref.2020.01.008">https://doi.org/10.1016/j.qref.2020.01.008</a>.'
  ieee: M. L. Liêu and M. Pelster, “Framing and the disposition effect in a scopic
    regime,” <i>The Quarterly Review of Economics and Finance</i>, vol. 78, pp. 175–185,
    2020.
  mla: Liêu, Minh Ly, and Matthias Pelster. “Framing and the Disposition Effect in
    a Scopic Regime.” <i>The Quarterly Review of Economics and Finance</i>, vol. 78,
    2020, pp. 175–85, doi:<a href="https://doi.org/10.1016/j.qref.2020.01.008">10.1016/j.qref.2020.01.008</a>.
  short: M.L. Liêu, M. Pelster, The Quarterly Review of Economics and Finance 78 (2020)
    175–185.
date_created: 2020-02-01T14:21:34Z
date_updated: 2022-01-06T06:52:32Z
department:
- _id: '186'
- _id: '578'
doi: 10.1016/j.qref.2020.01.008
intvolume: '        78'
language:
- iso: eng
page: 175-185
publication: The Quarterly Review of Economics and Finance
publication_identifier:
  issn:
  - 1062-9769
publication_status: published
status: public
title: Framing and the disposition effect in a scopic regime
type: journal_article
user_id: '67265'
volume: 78
year: '2020'
...
---
_id: '17522'
abstract:
- lang: eng
  text: Employing a unique hand-collected sample of 956 credit risk securitization
    transactions issued by 64 stock-listed European banks across the EU-13 plus Switzerland
    over the period from 1997 to 2010, this paper empirically analyzes the impact
    of securitization on the issuing banks’ effective tax rates. Our analysis reveals
    that banks may reduce their tax expense through securitization via a direct and
    indirect channel suggesting that tax avoidance may be a further motive for banks
    to engage in the securitization business. These baseline findings remain robust
    under various robustness checks, especially when implementing structural equation
    models and controlling for a reverse causality between the banks’ tax burden and
    their incentive to securitize. Finally, various sensitivity analyses provide further
    important results and implications for tax policies, banking regulation and the
    ongoing process of revitalizing the European securitization market.
article_type: original
author:
- first_name: André
  full_name: Uhde, André
  id: '36049'
  last_name: Uhde
  orcid: https://orcid.org/0000-0002-8058-8857
citation:
  ama: Uhde A. Tax avoidance through securitization. <i>The Quarterly Review of Economics
    and Finance</i>. Published online 2020. doi:<a href="https://doi.org/10.1016/j.qref.2020.07.008">10.1016/j.qref.2020.07.008</a>
  apa: Uhde, A. (2020). Tax avoidance through securitization. <i>The Quarterly Review
    of Economics and Finance</i>. <a href="https://doi.org/10.1016/j.qref.2020.07.008">https://doi.org/10.1016/j.qref.2020.07.008</a>
  bibtex: '@article{Uhde_2020, title={Tax avoidance through securitization}, DOI={<a
    href="https://doi.org/10.1016/j.qref.2020.07.008">10.1016/j.qref.2020.07.008</a>},
    journal={The Quarterly Review of Economics and Finance}, author={Uhde, André},
    year={2020} }'
  chicago: Uhde, André. “Tax Avoidance through Securitization.” <i>The Quarterly Review
    of Economics and Finance</i>, 2020. <a href="https://doi.org/10.1016/j.qref.2020.07.008">https://doi.org/10.1016/j.qref.2020.07.008</a>.
  ieee: 'A. Uhde, “Tax avoidance through securitization,” <i>The Quarterly Review
    of Economics and Finance</i>, 2020, doi: <a href="https://doi.org/10.1016/j.qref.2020.07.008">10.1016/j.qref.2020.07.008</a>.'
  mla: Uhde, André. “Tax Avoidance through Securitization.” <i>The Quarterly Review
    of Economics and Finance</i>, 2020, doi:<a href="https://doi.org/10.1016/j.qref.2020.07.008">10.1016/j.qref.2020.07.008</a>.
  short: A. Uhde, The Quarterly Review of Economics and Finance (2020).
date_created: 2020-08-01T07:20:33Z
date_updated: 2024-04-17T13:35:56Z
department:
- _id: '19'
doi: 10.1016/j.qref.2020.07.008
jel:
- G21
- G28
- H25
- H71
keyword:
- Securitization
- Credit risk transfer
- Effective tax rates
- European banking
language:
- iso: eng
publication: The Quarterly Review of Economics and Finance
publication_identifier:
  issn:
  - 1062-9769
status: public
title: Tax avoidance through securitization
type: journal_article
user_id: '36049'
year: '2020'
...