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Title:Determinants of banks' engagement in loan securitization PDF Logo
Authors:Bannier, Christina E.
Hänsel, Dennis N.
Issue Date:2007
Series/Report no.:Working paper series // Frankfurt School of Finance & Management 85
Abstract:This 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.
Subjects:Securitization
credit risk transfer
collateralized loan obligations
JEL:G21
Persistent Identifier of the first edition:urn:nbn:de:101:1-20080827350
Document Type:Working Paper
Appears in Collections:Frankfurt School - Working Paper Series, Frankfurt School of Finance and Management

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