کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5093141 1478434 2017 72 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Why and how do banks lay off credit risk? The choice between retention, loan sales and credit default swaps
ترجمه فارسی عنوان
چرا و چگونه بانک ها ریسک اعتباری را کنار می گذارند؟ انتخاب بین احتباس، فروش وام و معامله پیش بینی اعتباری
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری کسب و کار و مدیریت بین المللی
چکیده انگلیسی
We find that banks with capital and liquidity constraints are more likely to use credit risk transfer (CRT) instruments, including the credit derivative and the secondary loan markets. Relationship lenders and lead syndicate lenders are more likely to hold loans on their balance-sheets regardless of borrowers' riskiness. Finally, we find a separating equilibrium in the CRT market: loans to ex-ante riskier borrowers are more likely to be sold and loans to safer borrowers are more likely to be hedged with CDS. We view credit derivatives and loan sales as joint choice variables in determining the hedging instrument to use.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Corporate Finance - Volume 42, February 2017, Pages 335-355
نویسندگان
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