Determinants of loan securitization in European banking |
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| Affiliation: | 1. University of Bochum, Department of Management and Economics, 44780 Bochum, Germany;2. University of Paderborn, Department of Taxation, Accounting & Finance, 33098 Paderborn, Germany;1. Kent Business School, University of Kent, Canterbury, United Kingdom;2. Department of Mathematical Sciences, University of Essex, United Kingdom;1. Freie Universität Berlin, Department of Economics, D-14195 Berlin, Germany;2. University of Regensburg, Department of Economics and Econometrics, D-93040 Regensburg, Germany;3. Institute for Employment Research (IAB), Germany;4. IOS Regensburg, Germany;1. Research and Business Development Department, Borsa Istanbul, Turkey;2. Zicklin School of Business, Baruch College, CUNY, United States;1. Finance and Accounting Group, WHU – Otto Beisheim School of Management, Burgplatz 2, 56179 Vallendar, Germany;2. Institute for Banking and Finance, University of Zurich and SFI, Bangor University and CEPR, Plattenstrasse 14, 8032 Zürich, Switzerland;1. University of Hohenheim, Schloss Hohenheim 1, 70599 Stuttgart, Germany;2. Centre for Financial Research, University of Cologne, Germany;3. Deutsche Bundesbank, Wilhelm-Epstein-Str. 14, 60431 Frankfurt am Main, Germany;4. University of Cologne, Albertus-Magnus-Platz, 50923 Cologne, Germany |
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| Abstract: | Analyzing 75 securitizing and non-securitizing stock-listed banks in the EU-13 plus Switzerland over the period from 1997 to 2010, this paper provides empirical evidence that loan securitization in Europe is a composite decision based on bank-specific as well as market- and country-specific determinants. In addition, we find that these determinants remarkably change when separately investigating securitization transactions during the pre-crisis and crisis period. Moreover, results from several subsample regressions reveal that determinants of loan securitizations in Europe depend on the transaction type, the underlying asset portfolio and the regulatory and institutional environment under which banks operate. |
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| Keywords: | Securitization Determinants European banking |
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