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Swiss Journal of Economics and Statistics

Table 3 Regression results

From: The U.S. Tax Program for Swiss banks: what determined the penalties?

Specifications

(1)

(2)

(3)

(4)

(5)

(6)

(7)

 AuM

+ 0.0207**

      

 Log(AuM)

 

+ 0.9417****

+ 0.7713****

+ 0.3279**

+ 1.0145****

+ 1.0682****

+ 1.0433****

 A4

  

+ 0.5595**

+ 0.5929****

+ 0.5929****

+ 0.5388****

+ 0.5786****

 A9

  

+ 0.9724****

+ 0.8040****

+ 0.8040****

+ 0.6156****

+ 0.7050***

 A19

  

+ 0.6060***

+ 0.5422****

+ 0.5422****

+ 0.3094*

+ 0.3290

 Log(accounts)

   

+ 0.6866****

   

 Log(AuM/actounts)

    

– 0.6866****

 – 0.7780****

– 0.7726****

 log(AuM/accounts)2

     

– 0.2748***

– 0.2560**

 Const

+ 4.2425

– 3.5912****

– 3.2208****

– 4.5066****

– 4.5066****

– 4.4321****

– 4.3836****

 Nobs

78

77

77

77

77

77

59

 Std endogenous

36.8802

1.8438

1.8438

1.8438

1.8438

1.8438

1.8413

 Std regression

27.2337

1.1741

1.1096

0.9695

0.9695

0.9186

0.9148

 R2 adjusted

0.4547

0.5945

0.6378

0.7235

0.7235

0.7518

0.7531

Specification

(8)

(9)

(10)

(11)

(12)

(13)

(14)

 Log(AuM)

+ 1.2010****

+ 1.0194****

+ 1.0539****

+ 1.0972****

+ 1.1079****

+ 1.1554****

+ 1.2004****

 A4

+ 0.5144**

+ 0.5891****

+ 0.5940****

+ 0.5629****

+ 0.5689****

+ 0.5339****

+ 0.5310****

 A9

+ 0.6398**

+ 0.7111***

+ 0.6129**

+ 0.6343**

+ 0.5775**

+ 0.6045**

+ 0.4996**

 A19

+ 0.2734

+ 0.3372

+ 0.3205

+ 0.2726

+ 0.3779

+ 0.3199

 

 Log(AuM/actounts)

– 0.9800****

– 0.7417****

– 0.7971****

– 0.8263****

– 0.8060****

– 0.8393****

– 0.8706****

 Log(Au M/accounts)2

– 0.2698**

– 0.2532**

– 0.2403**

– 0.2388*

– 0.2519**

– 0.2497**

– 0.2876***

 Log(balance sheet)

– 0.1338

      

 Log(capital)

 

+ 0.0207

     

 Logfcapital/balance sheet)

  

+ 0.4797*

 

+ 0.5616*

  

 Capital/balance sheet

   

+ 3.7302*

 

+ 4.3191**

+ 4.5261***

 Date of NPA

    

– 1.3248**

– 1.2631**

– 1.2138**

 Const

– 4.0999****

– 4.3804****

– 3.2922****

– 5.0435****

– 2.7464****

– 4.8050****

– 4.9399****

 Nobs

59

59

59

59

59

59

59

 std endogenous

1.8413

1.8413

1.8413

1.8413

1.8413

1.8413

1.8413

 std regression

0.9137

0.9236

0.8822

0.8921

0.8420

0.8567

0.8601

 R2 adjusted

0.7537

0.7484

0.7704

0.7653

0.7909

0.7835

0.7818

  1. Note: *,**,***,**** indicates significance at the 10, 5, 2, and 1% level, respectively, using White standard errors. Coefficients of log(AuM) that are printed in italics are statistically significantly different from unity (at 5% level). The dependent variable in specification (1) is penalty, in (2) to (14) the variable is log (penalty)
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