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dc.contributor.authorBannier, Christina E.en_US
dc.contributor.authorHänsel, Dennis N.en_US
dc.description.abstractThis paper provides new insights into the use of loan securitization. We analyze collateralized loan obligation (CLO) transactions by European banks from 1997 to 2004 and try to identify the influence that various firm-specific and macroeconomic factors may have on an institution's securitization decision. Our results suggest that loan securitization is an appropriate funding tool for banks with high risk and low liquidity. It may also have been used by commercial banks to indirectly access investment-bank activities and the associated gains. Regulatory capital arbitrage under Basel I does not seem to have driven the market.en_US
dc.publisherFrankfurt School of Finance & Management Frankfurt a.
dc.relation.ispartofseriesWorking paper series // Frankfurt School of Finance & Management 85de
dc.subject.keywordcredit risk transferen_US
dc.subject.keywordcollateralized loan obligationsen_US
dc.titleDeterminants of banks' engagement in loan securitizationen_US
dc.typeWorking Paperen_US
Appears in Collections:Frankfurt School - Working Paper Series, Frankfurt School of Finance and Management

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