Time: 13:30, Thursday, November 5, 2026

Venue: Guoshun Campus, Room 303, Starr Building

Speaker: Hansol Jang, National University of Singapore

Moderator: Assistant Professor Detian Yang

Topic: Credit Supply Externality of Intertemporal Income Shifting

Abstract: Individual taxpayers shift their income across time to save taxes. Using the 2013 tax increases as our empirical setting, we show that high-income taxpayers accelerated their taxable income realizations into 2012, especially capital gains. A significant portion of the proceeds went to bank deposits, leading banks to expand credit supply. The additional lending largely supported small residential properties, facilitating credit access for constrained households, specifically those in counties with lower income, lower educational attainment or a greater rural population. Our research demonstrates that tax-avoidance-motivated intertemporal income shifting can have a positive externality on credit supply and potentially enhances financial inclusion.

Bio: Hansol Jang is an Assistant Professor of Accounting at NUS Business School, National University of Singapore. He received his PhD in Accounting from the University of Illinois at Urbana-Champaign. His research focuses on the real and financial effects of taxes and on the role of accounting numbers in compensation contracts. His work has been published in the Journal of Accounting Research.