{"title":"股东税对银行风险承担的影响:来自S公司银行的证据","authors":"Jennifer L. Glenn","doi":"10.2139/ssrn.3771313","DOIUrl":null,"url":null,"abstract":"This study examines the effect of shareholder taxes on bank risk-taking. Economic theory predicts that personal tax rates affect individual risk-taking through risk-sharing with the government via full loss offsets. Exploiting the passive activity loss limitations and detailed ownership data for a sample of S corporation banks, I find that increases in shareholder tax rates are positively (negatively) associated with bank risk-taking when shareholders can (cannot) share in risk with the government through full loss offsets. These relations are driven by banks with few shareholder conflicts and less strict regulators. Overall, the results suggest that investor-level risk-sharing with the government through individual income taxes plays an important role in bank risk-taking.<br>","PeriodicalId":12319,"journal":{"name":"Financial Accounting eJournal","volume":"4 1","pages":""},"PeriodicalIF":0.0000,"publicationDate":"2021-04-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"1","resultStr":"{\"title\":\"The Effect of Shareholder Taxes on Bank Risk-Taking: Evidence from S Corporation Banks\",\"authors\":\"Jennifer L. Glenn\",\"doi\":\"10.2139/ssrn.3771313\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"This study examines the effect of shareholder taxes on bank risk-taking. Economic theory predicts that personal tax rates affect individual risk-taking through risk-sharing with the government via full loss offsets. Exploiting the passive activity loss limitations and detailed ownership data for a sample of S corporation banks, I find that increases in shareholder tax rates are positively (negatively) associated with bank risk-taking when shareholders can (cannot) share in risk with the government through full loss offsets. These relations are driven by banks with few shareholder conflicts and less strict regulators. Overall, the results suggest that investor-level risk-sharing with the government through individual income taxes plays an important role in bank risk-taking.<br>\",\"PeriodicalId\":12319,\"journal\":{\"name\":\"Financial Accounting eJournal\",\"volume\":\"4 1\",\"pages\":\"\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2021-04-28\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"1\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Financial Accounting eJournal\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.2139/ssrn.3771313\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Financial Accounting eJournal","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.3771313","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
The Effect of Shareholder Taxes on Bank Risk-Taking: Evidence from S Corporation Banks
This study examines the effect of shareholder taxes on bank risk-taking. Economic theory predicts that personal tax rates affect individual risk-taking through risk-sharing with the government via full loss offsets. Exploiting the passive activity loss limitations and detailed ownership data for a sample of S corporation banks, I find that increases in shareholder tax rates are positively (negatively) associated with bank risk-taking when shareholders can (cannot) share in risk with the government through full loss offsets. These relations are driven by banks with few shareholder conflicts and less strict regulators. Overall, the results suggest that investor-level risk-sharing with the government through individual income taxes plays an important role in bank risk-taking.