[{"intvolume":"        79","page":"411-421","citation":{"ama":"Uhde A. Tax avoidance through securitization. <i>The Quarterly Review of Economics and Finance</i>. 2021;79:411-421. doi:<a href=\"https://doi.org/10.1016/j.qref.2020.07.008\">10.1016/j.qref.2020.07.008</a>","chicago":"Uhde, André. “Tax Avoidance through Securitization.” <i>The Quarterly Review of Economics and Finance</i> 79 (2021): 411–21. <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>, vol. 79, pp. 411–421, 2021.","apa":"Uhde, A. (2021). Tax avoidance through securitization. <i>The Quarterly Review of Economics and Finance</i>, <i>79</i>, 411–421. <a href=\"https://doi.org/10.1016/j.qref.2020.07.008\">https://doi.org/10.1016/j.qref.2020.07.008</a>","mla":"Uhde, André. “Tax Avoidance through Securitization.” <i>The Quarterly Review of Economics and Finance</i>, vol. 79, 2021, pp. 411–21, 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 79 (2021) 411–421.","bibtex":"@article{Uhde_2021, title={Tax avoidance through securitization}, volume={79}, 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={2021}, pages={411–421} }"},"jel":["G21","G28","H25","H71"],"year":"2021","volume":79,"date_created":"2018-10-31T09:55:40Z","author":[{"first_name":"André","orcid":"https://orcid.org/0000-0002-8058-8857","last_name":"Uhde","id":"36049","full_name":"Uhde, André"}],"date_updated":"2022-01-06T07:01:40Z","doi":"10.1016/j.qref.2020.07.008","title":"Tax avoidance through securitization","publication":"The Quarterly Review of Economics and Finance","type":"journal_article","status":"public","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."}],"department":[{"_id":"186"},{"_id":"188"}],"user_id":"81176","_id":"5163","language":[{"iso":"eng"}],"keyword":["Securitization","Credit risk transfer","Effective tax rates","European banking"]},{"publication_identifier":{"issn":["1062-9769"]},"year":"2020","jel":["G21","G28","H25","H71"],"citation":{"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>.","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>.","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>","short":"A. Uhde, The Quarterly Review of Economics and Finance (2020).","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>.","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} }","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>"},"date_updated":"2024-04-17T13:35:56Z","author":[{"last_name":"Uhde","orcid":"https://orcid.org/0000-0002-8058-8857","id":"36049","full_name":"Uhde, André","first_name":"André"}],"date_created":"2020-08-01T07:20:33Z","title":"Tax avoidance through securitization","doi":"10.1016/j.qref.2020.07.008","publication":"The Quarterly Review of Economics and Finance","type":"journal_article","abstract":[{"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.","lang":"eng"}],"status":"public","_id":"17522","department":[{"_id":"19"}],"user_id":"36049","keyword":["Securitization","Credit risk transfer","Effective tax rates","European banking"],"article_type":"original","language":[{"iso":"eng"}]},{"publication":"The Quarterly Review of Economics and Finance","type":"journal_article","abstract":[{"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.","lang":"eng"}],"status":"public","_id":"17401","department":[{"_id":"19"}],"user_id":"36049","keyword":["Securitization","credit risk transfer","effective tax rates","European banking"],"language":[{"iso":"eng"}],"year":"2020","jel":["G21","G28","H25","H71"],"citation":{"short":"A. Uhde, The Quarterly Review of Economics and Finance (2020).","bibtex":"@article{Uhde_2020, title={Tax avoidance through securitization}, journal={The Quarterly Review of Economics and Finance}, author={Uhde, André}, year={2020} }","mla":"Uhde, André. “Tax Avoidance through Securitization.” <i>The Quarterly Review of Economics and Finance</i>, 2020.","apa":"Uhde, A. (2020). Tax avoidance through securitization. <i>The Quarterly Review of Economics and Finance</i>.","ama":"Uhde A. Tax avoidance through securitization. <i>The Quarterly Review of Economics and Finance</i>. Published online 2020.","chicago":"Uhde, André. “Tax Avoidance through Securitization.” <i>The Quarterly Review of Economics and Finance</i>, 2020.","ieee":"A. Uhde, “Tax avoidance through securitization,” <i>The Quarterly Review of Economics and Finance</i>, 2020."},"date_updated":"2024-04-17T13:36:03Z","author":[{"full_name":"Uhde, André","id":"36049","orcid":"https://orcid.org/0000-0002-8058-8857","last_name":"Uhde","first_name":"André"}],"date_created":"2020-07-20T06:29:36Z","title":"Tax avoidance through securitization"},{"citation":{"apa":"Uhde, A., &#38; Michalak, T. C. (2010). Securitization and systematic risk in European banking: Empirical evidence. <i>Journal of Banking &#38; Finance</i>, <i>34</i>(12), 3061–3077. <a href=\"https://doi.org/10.1016/j.jbankfin.2010.07.012\">https://doi.org/10.1016/j.jbankfin.2010.07.012</a>","mla":"Uhde, André, and Tobias C. Michalak. “Securitization and Systematic Risk in European Banking: Empirical Evidence.” <i>Journal of Banking &#38; Finance</i>, vol. 34, no. 12, 2010, pp. 3061–77, doi:<a href=\"https://doi.org/10.1016/j.jbankfin.2010.07.012\">https://doi.org/10.1016/j.jbankfin.2010.07.012</a>.","bibtex":"@article{Uhde_Michalak_2010, title={Securitization and systematic risk in European banking: Empirical evidence}, volume={34}, DOI={<a href=\"https://doi.org/10.1016/j.jbankfin.2010.07.012\">https://doi.org/10.1016/j.jbankfin.2010.07.012</a>}, number={12}, journal={Journal of Banking &#38; Finance}, author={Uhde, André and Michalak, Tobias C.}, year={2010}, pages={3061–3077} }","short":"A. Uhde, T.C. Michalak, Journal of Banking &#38; Finance 34 (2010) 3061–3077.","ama":"Uhde A, Michalak TC. Securitization and systematic risk in European banking: Empirical evidence. <i>Journal of Banking &#38; Finance</i>. 2010;34(12):3061-3077. doi:<a href=\"https://doi.org/10.1016/j.jbankfin.2010.07.012\">https://doi.org/10.1016/j.jbankfin.2010.07.012</a>","ieee":"A. Uhde and T. C. Michalak, “Securitization and systematic risk in European banking: Empirical evidence,” <i>Journal of Banking &#38; Finance</i>, vol. 34, no. 12, pp. 3061–3077, 2010, doi: <a href=\"https://doi.org/10.1016/j.jbankfin.2010.07.012\">https://doi.org/10.1016/j.jbankfin.2010.07.012</a>.","chicago":"Uhde, André, and Tobias C. Michalak. “Securitization and Systematic Risk in European Banking: Empirical Evidence.” <i>Journal of Banking &#38; Finance</i> 34, no. 12 (2010): 3061–77. <a href=\"https://doi.org/10.1016/j.jbankfin.2010.07.012\">https://doi.org/10.1016/j.jbankfin.2010.07.012</a>."},"jel":["G14","G21","G28","G32"],"intvolume":"        34","page":"3061-3077","year":"2010","issue":"12","doi":"https://doi.org/10.1016/j.jbankfin.2010.07.012","title":"Securitization and systematic risk in European banking: Empirical evidence","author":[{"full_name":"Uhde, André","id":"36049","last_name":"Uhde","orcid":"https://orcid.org/0000-0002-8058-8857","first_name":"André"},{"first_name":"Tobias C.","last_name":"Michalak","full_name":"Michalak, Tobias C."}],"date_created":"2018-09-14T12:48:35Z","volume":34,"date_updated":"2023-01-10T09:35:58Z","status":"public","abstract":[{"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.","lang":"eng"}],"type":"journal_article","publication":"Journal of Banking & Finance","extern":"1","language":[{"iso":"eng"}],"keyword":["Credit risk transfer","Securitization","Systematic risk","Event study"],"user_id":"21810","department":[{"_id":"186"},{"_id":"188"}],"_id":"4404"}]