Publication in refereed journal
香港中文大学研究人员 ( 现职)
| 谭安厚教授 (金融学系) |
全文
| 没有全文档案提供 |
引用次数
Scopushttp://aims.cuhk.edu.hk/converis/portal/Publication/21Scopus source URL
其它资讯
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.http://aims.cuhk.edu.hk/converis/portal/Publication/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.
着者Thomas H.
期刊名称Journal of International Financial Markets, Institutions and Money
出版年份1999
月份8
日期1
卷号9
期次3
出版社Elsevier BV
出版地Netherlands
页次3http://aims.cuhk.edu.hk/converis/portal/Publication/21 - 333
国际标準期刊号1042-4431
语言英式英语
关键词Debt, Securitization, Stockholders
