题　目：Eclipsing Shadows: Tax Haven Crackdown and Loan Sales

嘉　宾：张金萍 助理教授 复旦大学

主持人：黄立 助理教授 3200威尼斯vip

时　间：2024年09月27日（周五）10:00-11:30

地　点：3200威尼斯vip 徐汇校区安泰楼A403室

内容简介:

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.

演讲人简介：

张金萍，复旦大学管理学院会计系助理教授。研究方向为债务契约、公司披露，证券分析师、供应链管理。

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