【讲座时间】2024年10月15日 14:00
【讲座地点】会计学院108室
【讲座主题】Lifting the Shadows: Tax Haven Crackdown and Loan Sales
【嘉宾介绍】张金萍，复旦大学管理学院会计学助理教授
Jinping Zhang is an assistant professor of accounting at School of Management, Fudan University. She holds a Ph.D. in accounting from National University of Singapore. Her research interests are corporate disclosure, financial analysts, bank loans, taxation, and supply chain management.
【内容提要】
This paper examines the impact of tax haven crackdown on the loan sale market, where majority of the loan buyers are institutional investors. Exploiting the adoption of Tax Information Exchange Agreement (TIEA) intended to reveal haven activities, we find an increase in the probability and intensity of loan sales after the TIEA adoption for borrowing firms with subsidiaries located in the affected tax haven. The effect manifests in tax havens that are less transparent and that have stronger regulatory enforcement. The effect is also more pronounced for borrowers with more complex haven structure, a higher proportion of leveraged loans and a higher probability in engaging tax avoidance. Moreover, we find a higher liquidity and a higher sale price in the market after the TIEA adoption. However, we find that the TIEA adoption only imposes a mild effect on the loan originating market, which may highlight the differences between banks and institutional investors. Collectively, these results imply that tax haven crackdown, by alleviating information frictions among banks, borrower and institutional investors, triggers a higher demand for loans from institutional investors and higher loan salability, making the loan sale market more liquid.
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