Effects of asset securitization on seller claimants
Publication in refereed journal

香港中文大學研究人員

引用次數
替代計量分析
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其它資訊
摘要This study analyzes effects on debt and equity claimants of asset sales into securitizations. Shareholders' returns are increasing in shareholder capitalization. Average losses to shareholders in mortgage-backed securities issuers are explained historically. First time issuance and increased securitization frequency are shareholder-wealth-inereasing. Securitizers with actively traded bonds enjoy substantial and significant shareholder gains, which are greater the poorer the creditworthiness of the seller. Wealth transfer from bondholders to shareholders occurs in asset-backed securities among sellers with low credit ratings. Banks' claimants have benefited significantly more than other FIs' claimants, suggesting that securitization can alleviate regulatory burden. (C) 2001 Academic Press.
著者Thomas H
會議名稱Symposium on Corporate Finance with Blurring Boundaries between Banks and Financial Markets
會議開始日18.01.2001
會議完結日20.01.2001
會議地點AMSTERDAM
期刊名稱Journal of Financial Intermediation
出版年份2001
月份7
日期1
卷號10
期次3-4
出版社ACADEMIC PRESS INC
頁次306 - 330
國際標準期刊號1042-9573
語言英式英語
Web of Science 學科類別Business & Economics; Business, Finance; BUSINESS, FINANCE

上次更新時間 2021-13-01 於 23:48