A preliminary look at gains from asset securitization |
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| Affiliation: | 1. Associate Professor of Finance, The Chinese University of Hong Kong, Shatin, NT, Hong Kong, China;2. The De Groote School of Business, McMaster University, Hamilton, Ontario, Canada;1. School of Physics and Materials Science, Radiation Detection Materials & Devices Lab, Anhui University, Hefei 230601, China;2. Key Laboratory of Materials Physics, Anhui Key Laboratory of Nanomaterials and Nanostructure, Institute of Solid State Physics, Chinese Academy of Sciences, Hefei 230031, China;1. School of Management, University College London, London E14 5AB, United Kingdom;2. Booth School of Business, University of Chicago, Chicago, IL 60637, United States;1. Key Laboratory of Radar Imaging and Microwave Photonics, Ministry of Education, Nanjing University of Aeronautics and Astronautics, Nanjing 210016, China;2. School of Electronics and Information, Jiangsu University of Science and Technology, Zhenjiang 212003, China;1. Earth Science College of Northeast Petroleum University, Daqing 163318, China;2. Accumulation and Development of Unconventional Oil and Gas State Key Laboratory Cultivation Base Jointly-constructed by Heilongjiang Province and the Ministry of Science and Technology, Daqing 163318, China;3. Oil and Gas Accumulation and Preservation Science and Technology Innovation Team of Colleges and Universities in Heilongjiang Province, Daqing 163318, China |
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| Abstract: | This paper conducts tests of stockholder and bondholder wealth changes upon the securitization of non-government guaranteed assets for 236 transactions during the years 1991–1996. It finds that securitization is significantly wealth creating for stockholders, adding ∼5% per transaction to the excess returns of the stock. It finds, on a subsample of 137 transactions, that securitization is not wealth destroying for bondholders, adding an insignificant 0.21% to bondholders wealth. The effects on stockholders are larger for manufacturers than for banks and finance companies. Securitizations from corporations with poorer credit standing are subject to larger gains for asset sellers. We interpret these findings to mean that, for the frequent securitizers that form most of the observations in our sample, a comparative advantage in asset origination and servicing rather than wealth appropriation from bond holders explains the gains from securitization. |
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