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Contribution Details
| Type | Journal Article |
| Scope | Discipline-based scholarship |
| Title | Swiss Banking Secrecy: The Stock Market Evidence |
| Organization Unit | |
| Authors |
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| Item Subtype | Original Work |
| Refereed | Yes |
| Status | Published in final form |
| Language |
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| Journal Title | Financial markets and portfolio management |
| Publisher | Springer |
| Geographical Reach | international |
| ISSN | 1934-4554 |
| Volume | 26 |
| Number | 1 |
| Page Range | 143 - 176 |
| Date | 2012 |
| Abstract Text | We examine the stock price reactions of four Swiss banks to negotiations between Switzerland and the European Union and between Switzerland and the United States to (i) obtain an estimate of the value of banking secrecy to Swiss banks, and (ii) distinguish between tax evasion and genuine privacy concerns as sources of that value. We find that the value of banking secrecy to the private banks is large, accounting for 8 to 14% of their market value; in contrast, the value of banking secrecy to the universal banks is small. We further find that tax evasion may be less important and privacy concerns more important a source of value of banking secrecy than might previously have been thought. |
| Digital Object Identifier | 10.1007/s11408-011-0178-6 |
| Other Identification Number | merlin-id:5095 |
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