| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w16849 |
| 来源ID | Working Paper 16849 |
| Did Securitization Affect the Cost of Corporate Debt? | |
| Taylor D. Nadauld; Michael S. Weisbach | |
| 发表日期 | 2011-03-03 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | This paper investigates whether the securitization of corporate bank loans had an impact on the price of corporate debt. Our results suggest that loan facilities that are subsequently securitized are associated with a 15 basis point lower spread than that of loans that are not subsequently securitized. To identify the particular role of securitization in loan pricing, we employ a difference in differences approach and consider loan characteristics that are associated with the likelihood of securitization. We document that Term Loan B facilities, facilities originated by banks that originate CLOs, and loans of B-Rated firms are securitized more frequently than other loans. Spreads on facilities estimated to be more likely to be subsequently securitized have lower spreads than otherwise similar facilities. The results are consistent with the view that securitization caused a reduction in the cost of capital. |
| 主题 | Financial Economics ; Financial Institutions ; Corporate Finance |
| URL | https://www.nber.org/papers/w16849 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/574523 |
| 推荐引用方式 GB/T 7714 | Taylor D. Nadauld,Michael S. Weisbach. Did Securitization Affect the Cost of Corporate Debt?. 2011. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w16849.pdf（513KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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