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Wealth effects of asset securitization. .作者:Lockwood, Larry J.1
Rutherford, Ronald C.2
Herrera, Martin J.3.
来源:Journal of Banking & Finance; Jan96, Vol. 20 Issue 1, p151-164, 14p, 3 Charts.
文献类型:Article.
主题语:*WEALTH
*ASSET-backed financing
*BANKING industry
*FINANCIAL institutions
*RATE of return.
NAICS/Industry Codes :522294 Secondary Market Financing
522110 Commercial Banking
522291 Consumer Lending.
摘要:This paper examines changes in wealth for firms that securitize assets. Findings are industry specific with wealth increase for finance companies, with no wealth change for industrial companies and automobile companies, and with wealth loss for banks. Further examination, however, reveals that excess returns for banks are significantly related to financial slack in the quarter preceding the securitization announcement. Findings indicate that strong banks experience wealth gain while weak banks experience wealth loss upon the announcement of asset securitization. [ABSTRACT FROM AUTHOR].
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作者单位:1Finance and Decision Science Department, Texas Christian University
2Department of Finance and Real State, The University of Texas
3Colonia Jardines Universidad.

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