Front Matter Page
Fiscal Affairs Department
Contents
I. Introduction
II. Theoretical Model
III. Empirical Methodology and Data
A. Methodology
B. Data
IV. Results
A. Baseline Regressions
B. Robustness Checks
C. Extension: Capital Tightness
V. Conclusions
References
Tables
1. Variable Source and Construction
2. Summary Statistics
3. Correlations
4. Number of Banks
5. Average Financial Leverage and Tax Rates
6. Baseline Estimation Results
7. Robustness Check Estimation Results: Standard Errors
8. Robustness Check Estimation Results: Alternatives
9. Robustness Check Estimation Results: Leverage Skewness and Tax Trend
10. Robustness Check Estimation Results: Subsamples
11. Estimation Results: Capital Tightness
Figures
1. Bank Leverage Histogram
Technical Appendix