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The Australian Bank Levy : do shareholders pay?

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Chronopoulos_2018_FRL_AustralianBankLevy_AAM.pdf (753.3Kb)
Date
03/2019
Author
Chronopoulos, Dimitris K.
Sobiech, Anna L.
Wilson, John O. S.
Keywords
Bank levy
Taxes
Australian banks
Event Study
HG Finance
NDAS
Metadata
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Abstract
Since the global financial crisis, the tax treatment of banks has gained interest in academic and public policy arenas. In this paper, we investigate the stock price reaction of a small sample of commercial banks that were affected by the sudden introduction of a bank levy in Australia. The results of an event study analysis suggest that there is a significant decline in the returns of affected banks following the announcement of the bank levy. This suggests that the banks liable to pay the Australian bank levy lose a considerable percentage (5.2%) of their market capitalisation following its announcement.
Citation
Chronopoulos , D K , Sobiech , A L & Wilson , J O S 2019 , ' The Australian Bank Levy : do shareholders pay? ' , Finance Research Letters , vol. 28 , pp. 412-415 . https://doi.org/10.1016/j.frl.2018.06.010
Publication
Finance Research Letters
Status
Peer reviewed
DOI
https://doi.org/10.1016/j.frl.2018.06.010
ISSN
1544-6123
Type
Journal article
Rights
© 2018 Elsevier Inc. This work has been made available online in accordance with the publisher’s policies. This is the author created, accepted version manuscript following peer review and may differ slightly from the final published version. The final published version of this work is available at https://doi.org/10.1016/j.frl.2018.06.010
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  • University of St Andrews Research
URI
http://hdl.handle.net/10023/17947

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