Swiss banking secrecy: the stock market evidence |
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Authors: | Fran?ois-Xavier Delaloye Michel A. Habib Alexandre Ziegler |
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Affiliation: | (1) Global Fund Solutions, Private Wealth Management, Deutsche Bank AG, London, UK;(2) Department of Banking and Finance, University of Zurich, Plattenstrasse 14, 8032 Zurich, Switzerland |
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Abstract: | 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. |
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