A preliminary look at gains from asset securitization
Publication in refereed journal
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摘要This paper conducts tests of stockholder and bondholder wealth changes upon the securitization of non-government guaranteed assets for 236 transactions during the years 1991-1996. It finds that securitization is significantly wealth creating for stockholders, adding ∼ 5% per transaction to the excess returns of the stock. It finds, on a subsample of 137 transactions, that securitization is not wealth destroying for bondholders, adding an insignificant 0.21% to bondholders wealth. The effects on stockholders are larger for manufacturers than for banks and finance companies. Securitizations from corporations with poorer credit standing are subject to larger gains for asset sellers. We interpret these findings to mean that, for the frequent securitizers that form most of the observations in our sample, a comparative advantage in asset origination and servicing rather than wealth appropriation from bond holders explains the gains from securitization. © 1999 Elsevier Science B.V. All rights reserved.
著者Thomas H.
期刊名稱Journal of International Financial Markets, Institutions and Money
出版年份1999
月份8
日期1
卷號9
期次3
出版社Elsevier BV
出版地Netherlands
頁次321 - 333
國際標準期刊號1042-4431
語言英式英語
關鍵詞Debt, Securitization, Stockholders
