The Impacts of Securitization on US Bank Holding Companies
The Impacts of Securitization on US Bank Holding Companies
复制标题
证券化对美国银行控股公司的影响
DOI：
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发表时间：
2008
期刊：
影响因子：
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通讯作者：
M. Pritsker
中科院分区：
文献类型：
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作者：
Wenying Jiangli;M. Pritsker
我们使用2001-2007年的数据来评估抵押贷款和其他形式的资产证券化对美国银行控股公司破产风险、盈利能力和杠杆率的影响。利用3种不同的估计技术，我们发现银行利用抵押贷款证券化来降低破产风险和增加杠杆。我们还发现，证券化技术提高了银行的盈利能力。我们的研究结果表明，证券化技术发挥了积极的作用。这表明，当前抵押贷款信贷和证券化市场的动荡与这些市场最近的过度行为有关，而证券化活动将在这些过度行为得到清理后恢复。
We use data from 2001-2007 to assess the impact of mortgage and other forms of asset securitization on the insolvency risk, profitability, and leverage ratios of US bank holding companies. Using 3 different estimation techniques, we find that banks use mortgage securitization to reduce insolvency risk and increase leverage. We also find that securitization techniques increase bank profitability. Our results suggest that securitization techniques have played a positive role. This suggests that the current turmoil in mortgage credit and securitization markets is related to recent excesses in those markets, and that securitization activity will resume after those excesses are cleared up.