Abstract 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.

中文翻译：

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通过证券化避税

摘要 本文以 1997 年至 2010 年欧盟 13 国和瑞士的 64 家股票上市欧洲银行发行的 956 笔信用风险证券化交易为独特的手工收集样本，实证分析了证券化对发行银行的影响。有效税率。我们的分析显示，银行可能会通过直接和间接渠道通过证券化减少税收支出，这表明避税可能是银行从事证券化业务的进一步动机。这些基线调查结果在各种稳健性检查下仍然稳健，尤其是在实施结构方程模型并控制银行税收负担与其证券化激励之间的反向因果关系时。最后，