Corporate Taxes and Securitization
研究了公司所得税不对称性如何激励银行出售贷款，即使这会降低贷款筛选和监控效率，并发现美国商业银行在税率更高的州出售更多抵押贷款。
ABSTRACT Most banks pay corporate income taxes, but securitization vehicles do not. Our model shows that, when a bank faces strong loan demand but limited deposit market power, this tax asymmetry creates an incentive to sell loans despite less‐efficient screening and monitoring of sold loans. Moreover, loan‐selling increases as a bank's corporate income tax rate and capital requirement rise. Our empirical tests show that U.S. commercial banks sell more of their mortgages when they operate in states that impose higher corporate income taxes. A policy implication is that tax‐induced loan‐selling will rise if banks’ required equity capital increases.