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هزینه قابل قبول مالیاتی
In our model, banks take high debt ratios to exploit the tax deductibility of interest payments and the potential mis- pricing of deposits induced by deposit insurance and/or the liquidity premium on deposits.
By contrast, tax benefits of debt are often overlooked in the banking literature.2 In our model, banks do not issue market debt when interest payments are not tax deductible, and they follow conservative financ- ing policies with a ratio of deposits to total assets of about 35%.
They take high debt ratios to exploit the mispricing of deposits and the tax deductibility of debt payments.
the value-maximizing level of deposits is determined by balancing the benefits of deposits, which include the liq- uidity premium and the tax deductibility of payments to depositors, with their costs, which include refinancing, de- fault, and servicing costs.
In our base case environment, the bank takes a high debt ratio to exploit the tax deductibility of interest pay- ments and the liquidity premium on deposits.
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