Note(s): Summary statistics for 2011–2016. This table reports summary statistics for publicly traded BHCs over the period 2011–2016 for tax planning measures in Panel A, for bank characteristics in Panel B and the uncertainty and political risk sentiment measures in Panel C. Regulatory Uncertainty, Regulatory Uncertainty sentiment and the tax-related Regulatory Uncertainty, which are proxies for the standardized firm-level political risk, political risk sentiment and the political tax risk, are obtained from the dataset provided by Hassan et al. (2019). Portfolio Uncertainty is constructed using the standardized measure of the uncertainty sentiment related to the portfolio risk culture driver, obtained from Owusu and Gupta (2023), it captures the uncertainty as it pertains to the characteristics of the banks’ balance sheet. The sample is restricted to banks that have at least $10B in assets, the Federal Reserve cutoff for community banks. Balance sheet data comes from FR Y-9C reports. Dollar amounts are in 2010 thousands of dollars, and equity price data/forecasts come from CSPS and I/B/E/S databases. Banks are stress-tested if they have at least $100B in assets in years 2011 and 2012, and if they have at least $50B in assets in the following years

Source(s): Authors’ own work