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
| 数位物件识别号 (DOI) http://dx.doi.org/10.1006/jfin.2001.0324 |
引用次数
Web of Sciencehttp://aims.cuhk.edu.hk/converis/portal/Publication/15WOS source URL
其它资讯
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.
着者Thomas H
会议名称Symposium on Corporate Finance with Blurring Boundaries between Banks and Financial Markets
会议开始日18.01.2001
会议完结日20.01.2001
会议地点AMSTERDAM
期刊名称Journal of Financial Intermediation
出版年份2001
月份7
日期1
卷号10
期次3-4
出版社ACADEMIC PRESS INC
页次306 - 330
国际标準期刊号1042-9573
语言英式英语
Web of Science 学科类别Business & Economics; Business, Finance; BUSINESS, FINANCE
