Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/175497 
Year of Publication: 
2017
Series/Report no.: 
EPRU Working Paper Series No. 2017-01
Publisher: 
University of Copenhagen, Economic Policy Research Unit (EPRU), Copenhagen
Abstract: 
We document that the first leak of customer information from a tax haven bank caused a significant decrease in the market value of Swiss banks known to be assisting with tax evasion and that the decrease was largest for the banks most strongly involved. These findings suggest that markets expected the leak to increase the perceived risk of committing and assisting with tax evasion and thus to lower both demand and supply in the market for criminal offshore banking services. This interpretation finds support in further evidence that the leak caused a sharp drop in foreign-owned deposits in tax havens.
Subjects: 
whistleblowing
economic crime
tax evasion
tax havens
JEL: 
G21
H26
K42
Document Type: 
Working Paper

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