---
_id: '5163'
abstract:
- lang: eng
text: "Employing a unique hand-collected sample of 956 credit risk securitization
transactions issued by 64 stock-listed\r\nEuropean banks across the EU-13 plus
Switzerland over the period from 1997 to 2010, this paper empirically analyzes\r\nthe
impact of securitization on the issuing banks’ effective tax rates. Our analysis
reveals that banks may reduce their\r\ntax expense through securitization via
a direct and indirect channel suggesting that tax avoidance may be a further\r\nmotive
for banks to engage in the securitization business. These baseline findings remain
robust under various\r\nrobustness checks, especially when implementing structural
equation models and controlling for a reverse causality\r\nbetween the banks’
tax burden and their incentive to securitize. Finally, various sensitivity analyses
provide further\r\nimportant results and implications for tax policies, banking
regulation and the ongoing process of revitalizing the\r\nEuropean securitization
market."
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. The Quarterly Review of Economics
and Finance. 2021;79:411-421. doi:10.1016/j.qref.2020.07.008
apa: Uhde, A. (2021). Tax avoidance through securitization. The Quarterly Review
of Economics and Finance, 79, 411–421. https://doi.org/10.1016/j.qref.2020.07.008
bibtex: '@article{Uhde_2021, title={Tax avoidance through securitization}, volume={79},
DOI={10.1016/j.qref.2020.07.008},
journal={The Quarterly Review of Economics and Finance}, author={Uhde, André},
year={2021}, pages={411–421} }'
chicago: 'Uhde, André. “Tax Avoidance through Securitization.” The Quarterly
Review of Economics and Finance 79 (2021): 411–21. https://doi.org/10.1016/j.qref.2020.07.008.'
ieee: A. Uhde, “Tax avoidance through securitization,” The Quarterly Review of
Economics and Finance, vol. 79, pp. 411–421, 2021.
mla: Uhde, André. “Tax Avoidance through Securitization.” The Quarterly Review
of Economics and Finance, vol. 79, 2021, pp. 411–21, doi:10.1016/j.qref.2020.07.008.
short: A. Uhde, The Quarterly Review of Economics and Finance 79 (2021) 411–421.
date_created: 2018-10-31T09:55:40Z
date_updated: 2022-01-06T07:01:40Z
department:
- _id: '186'
- _id: '188'
doi: 10.1016/j.qref.2020.07.008
intvolume: ' 79'
jel:
- G21
- G28
- H25
- H71
keyword:
- Securitization
- Credit risk transfer
- Effective tax rates
- European banking
language:
- iso: eng
page: 411-421
publication: The Quarterly Review of Economics and Finance
status: public
title: Tax avoidance through securitization
type: journal_article
user_id: '81176'
volume: 79
year: '2021'
...
---
_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. The Quarterly Review of Economics
and Finance. Published online 2020. doi:10.1016/j.qref.2020.07.008
apa: Uhde, A. (2020). Tax avoidance through securitization. The Quarterly Review
of Economics and Finance. https://doi.org/10.1016/j.qref.2020.07.008
bibtex: '@article{Uhde_2020, title={Tax avoidance through securitization}, DOI={10.1016/j.qref.2020.07.008},
journal={The Quarterly Review of Economics and Finance}, author={Uhde, André},
year={2020} }'
chicago: Uhde, André. “Tax Avoidance through Securitization.” The Quarterly Review
of Economics and Finance, 2020. https://doi.org/10.1016/j.qref.2020.07.008.
ieee: 'A. Uhde, “Tax avoidance through securitization,” The Quarterly Review
of Economics and Finance, 2020, doi: 10.1016/j.qref.2020.07.008.'
mla: Uhde, André. “Tax Avoidance through Securitization.” The Quarterly Review
of Economics and Finance, 2020, doi:10.1016/j.qref.2020.07.008.
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'
...
---
_id: '17401'
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.
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. The Quarterly Review of Economics
and Finance. Published online 2020.
apa: Uhde, A. (2020). Tax avoidance through securitization. The Quarterly Review
of Economics and Finance.
bibtex: '@article{Uhde_2020, title={Tax avoidance through securitization}, journal={The
Quarterly Review of Economics and Finance}, author={Uhde, André}, year={2020}
}'
chicago: Uhde, André. “Tax Avoidance through Securitization.” The Quarterly Review
of Economics and Finance, 2020.
ieee: A. Uhde, “Tax avoidance through securitization,” The Quarterly Review of
Economics and Finance, 2020.
mla: Uhde, André. “Tax Avoidance through Securitization.” The Quarterly Review
of Economics and Finance, 2020.
short: A. Uhde, The Quarterly Review of Economics and Finance (2020).
date_created: 2020-07-20T06:29:36Z
date_updated: 2024-04-17T13:36:03Z
department:
- _id: '19'
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
status: public
title: Tax avoidance through securitization
type: journal_article
user_id: '36049'
year: '2020'
...
---
_id: '4404'
abstract:
- lang: eng
text: Using a unique dataset of 592 cash and synthetic securitizations issued by
54 banks from the EU-15 plus Switzerland over the period from 1997 to 2007 this
paper provides empirical evidence that credit risk securitization has a positive
impact on the increase of European banks’ systematic risk. Baseline results hold
when comparing estimated beta coefficients with a control group of similar non-securitizing
banks. Building several sub-samples we additionally find that (a) the increase
in systematic risk is more relevant for larger banks that repeatedly engage in
securitization, (b) securitization is more important for small and medium financial
institutions, (c) banks have a higher incentive to retain the larger part of credit
risk as a quality signal at the beginning of the securitization business in Europe,
and (d) the overall risk-shifting effect due to securitization is more distinct
when the pre-event systematic risk is low.
author:
- first_name: André
full_name: Uhde, André
id: '36049'
last_name: Uhde
orcid: https://orcid.org/0000-0002-8058-8857
- first_name: Tobias C.
full_name: Michalak, Tobias C.
last_name: Michalak
citation:
ama: 'Uhde A, Michalak TC. Securitization and systematic risk in European banking:
Empirical evidence. Journal of Banking & Finance. 2010;34(12):3061-3077.
doi:https://doi.org/10.1016/j.jbankfin.2010.07.012'
apa: 'Uhde, A., & Michalak, T. C. (2010). Securitization and systematic risk
in European banking: Empirical evidence. Journal of Banking & Finance,
34(12), 3061–3077. https://doi.org/10.1016/j.jbankfin.2010.07.012'
bibtex: '@article{Uhde_Michalak_2010, title={Securitization and systematic risk
in European banking: Empirical evidence}, volume={34}, DOI={https://doi.org/10.1016/j.jbankfin.2010.07.012},
number={12}, journal={Journal of Banking & Finance}, author={Uhde, André and
Michalak, Tobias C.}, year={2010}, pages={3061–3077} }'
chicago: 'Uhde, André, and Tobias C. Michalak. “Securitization and Systematic Risk
in European Banking: Empirical Evidence.” Journal of Banking & Finance
34, no. 12 (2010): 3061–77. https://doi.org/10.1016/j.jbankfin.2010.07.012.'
ieee: 'A. Uhde and T. C. Michalak, “Securitization and systematic risk in European
banking: Empirical evidence,” Journal of Banking & Finance, vol. 34,
no. 12, pp. 3061–3077, 2010, doi: https://doi.org/10.1016/j.jbankfin.2010.07.012.'
mla: 'Uhde, André, and Tobias C. Michalak. “Securitization and Systematic Risk in
European Banking: Empirical Evidence.” Journal of Banking & Finance,
vol. 34, no. 12, 2010, pp. 3061–77, doi:https://doi.org/10.1016/j.jbankfin.2010.07.012.'
short: A. Uhde, T.C. Michalak, Journal of Banking & Finance 34 (2010) 3061–3077.
date_created: 2018-09-14T12:48:35Z
date_updated: 2023-01-10T09:35:58Z
department:
- _id: '186'
- _id: '188'
doi: https://doi.org/10.1016/j.jbankfin.2010.07.012
extern: '1'
intvolume: ' 34'
issue: '12'
jel:
- G14
- G21
- G28
- G32
keyword:
- Credit risk transfer
- Securitization
- Systematic risk
- Event study
language:
- iso: eng
page: 3061-3077
publication: Journal of Banking & Finance
status: public
title: 'Securitization and systematic risk in European banking: Empirical evidence'
type: journal_article
user_id: '21810'
volume: 34
year: '2010'
...