Hasan, Iftekhar; Hoi, Chun-Keung; Wu, Qiang; Zhang, Hao - Suomen Pankki - 2014
We find that firms with greater tax avoidance incur higher spreads when obtaining bank loans. This finding is robust in … avoidance also incur more stringent non-price loan terms, incur higher at-issue bond spreads, and prefer bank loans over public …