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14.04.2021

Research Seminar 21/04/2021 "Real Effects of Bank Taxation: Evidence for Corporate Financing and Investment"

Ακαδημαϊκά Ερευνητικά Σεμινάρια στις Οικονομικές Επιστήμες, 2020-2021

Τμήμα Οικονομικών Επιστημών

Εθνικό και Καποδιστριακό Πανεπιστήμιο Αθηνών

 

Research Seminar Series in Economic Sciences, 2020-2021

Department of Economics

National and Kapodistrian University of Athens

 

Dear All,

We would like to inform you for the following research seminar: 

Wednesday, April 21, 2021, 19:00-20:30

Dimitris Chronopoulos, Senior Lecturer at the School of Management, University of St Andrews.

URL:  https://risweb.st-andrews.ac.uk/portal/en/persons/dimitris-chronopoulos(e63885ad-eadc-4bec-b6bd-c95568f024d4).html

 Title: The Real Effects of Bank Taxation: Evidence for Corporate Financing and Investment"

Webex link: https://uoa.webex.com/uoa/j.php?MTID=ma7be5e7343bdb312826d29642f1290b2

Password (in case needed): riQ9hSdXM25

Abstract

This paper examines how bank taxation affects the financing decisions and investment activities of corporates. Exploiting exogenous tax variation at the bank level, we show that taxing banks’ gross profits leads to higher bank leverage, and results in lower bank risk and credit supply. The contraction in credit supply has implications for corporate debt financing and investment activity. Corporates more exposed to banks subject to gross profit tax exhibit lower leverage and rely less on bank debt. Corporates partly offset lower bank financing by switching to bond financing. The cost of bond financing increases with corporate exposure to the tax. A greater exposure also impacts negatively on corporate investment activity. Overall, our results highlight the importance of bank taxation for corporate financing and investment decisions. 

 Organizers:

Assoc. Professor Dimitris Kenourgios

Assist. Professor George Dotsis

Assist. Professor Frago Kourandi

 

Department of Economics, NKUA.

http://www.econ.uoa.gr/ereynhtika-seminaria-research-seminars.html

Thank you