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Asymmetric information and the securitization of SME loans
Albertazzi, Ugo; Bottero, Margherita; Gambacorta, Leonardo - 2021
-transfer and default probabilities to gauge the severity of informational asymmetries in the loan securitization market. First, the …
Persistent link: https://www.econbiz.de/10012487672
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When banks' shadow fades and shadow banking rises : securitization and loan performance in China
Gong, Di; Wu, Jin; Zhu, Jigao - 2023
This study examines the relationship between securitization and loan performance using proprietary loan-level data from … retained on the bank's balance sheet, suggesting no adverse selection or moral hazard within the Chinese securitization market … alters banks' business model and eliminates other options of credit risk transfer except for securitization, we show worse …
Persistent link: https://www.econbiz.de/10014342279
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Chapter 5. Insurance and Insurance Markets
Dionne, Georges; Harrington, Scott E. - In: Handbook of the economics of risk and uncertainty : volume 1, (pp. 203-261). 2014
securitization and insurance-linked securities; and the efficiency, distribution, organizational form, and governance of insurance …
Persistent link: https://www.econbiz.de/10014025527
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Optimal opacity on financial markets
Siegert, Caspar - 2014
We analyze the incentives for information disclosure in financial markets. We show that borrowers may have incentives to voluntarily withhold information and that doing so is most attractive for claims that are inherently hard to value, such as portfolios of subprime mortgages. Interestingly,...
Persistent link: https://www.econbiz.de/10010364764
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Securitization and Liquidity Creation in Markets with Adverse Selection
Li, Qi - 2019
This paper provides an information-based theory of tranching, a practice in which sellers slice a financial asset into debt securities with different seniority. I use the price posting framework to analyze asset-backed security markets with adverse selection and find that tranching is a robust...
Persistent link: https://www.econbiz.de/10012902161
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Securitization and Banks’ Capital Structure
Almazan, Andres - 2015
Asset securitization offers banks the possibility of altering their capital structures and the financial intermediation … process. This study shows that the introduction of securitization is associated with fundamental changes in the funding … policies of banks. In particular, we present evidence of more intense use of securitization by banks (i) with stronger growth …
Persistent link: https://www.econbiz.de/10013026259
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Securitization and Banks’ Capital Structure
Almazan, Andres - 2015
Asset securitization offers banks the possibility of altering their capital structures and the financial intermediation … process. This study shows that the introduction of securitization is associated with fundamental changes in the funding … policies of banks. In particular, we present evidence of more intense use of securitization by banks (i) with stronger growth …
Persistent link: https://www.econbiz.de/10013026785
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When do we have borrower or credit volume rationing in competitive credit market with imperfect information?
Kraus, Daniel - 2010
This paper examines the conditions for credit volume or borrower rationing in a competitive credit market in which the project characteristics are private information of the borrowers. There can only be credit volume rationing if the higher-risk credit applicants have a higher return in the...
Persistent link: https://www.econbiz.de/10010319299
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The blockchain, plums, and lemons : information asymmetries & transparency in decentralized markets
Notheisen, Benedikt; Weinhardt, Christof - 2019
Despite a growing interest, researchers and practitioners still struggle to transfer the blockchain concept introduced by Bitcoin to market-oriented application scenarios. To shed light on the technology's usage in markets with asymmetric information, this study analyzes the effect of the...
Persistent link: https://www.econbiz.de/10011979156
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When do we have borrower or credit volume rationing in competitive credit market with imperfect information?
Kraus, Daniel - 2010
This paper examines the conditions for credit volume or borrower rationing in a competitive credit market in which the project characteristics are private information of the borrowers. There can only be credit volume rationing if the higher-risk credit applicants have a higher return in the...
Persistent link: https://www.econbiz.de/10008697924