Examinando por Autor "Baselga Pascual, Laura"

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    Bank credit risk and sovereign debt exposure: moral hazard or hedging?
    (Elsevier Ltd, 2025-01) Baselga Pascual, Laura; Lobán Acero, Lidia; Myllymäki, Emma Riikka
    This study investigates the relationship between credit risk and bank exposure to sovereign debt. Using an international dataset of commercial banks from 2002 to 2022, we apply various regressions and panel data models to address potential endogeneity issues. Our results reveal that banks with higher levels of impaired loans tend to hold more sovereign debt. Furthermore, we observe that this relationship is stronger in countries with high sovereign credit ratings. This suggests that banks, when confronted with elevated credit risk from impaired loans, may seek safety in sovereign debt as a seemingly secure investment.
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    Ítem
    The role of regional tax autonomy, firm size, and business groups in tax avoidance: evidence from Spain
    (Taylor & Francis, 2024-07-10) Garmendia-Lazcano, Aitor; Baselga Pascual, Laura
    This paper investigates the influence of regional tax autonomy, firm size, and business group affiliation on corporate tax burden in a large sample of Spanish firms, including non-listed firms, from 2007 to 2016. Our findings reveal that firms located in tax- autonomous regions exhibit lower effective corporate tax rates (ETR), providing new empirical support for the horizontal tax com-petition theory. Additionally, we identify a positive relationship between firm size and corporate tax burden, aligning with the political cost theory. Furthermore, we find that group-affiliated firms face a higher ETR than independent firms, and that group affiliation attenuates the differences in the tax burden experienced by large and small firms.