Back to Search
Start Over
Asset Securitization, Securitization Recourse, and Information Uncertainty.
- Source :
- Accounting Review; Mar2011, Vol. 86 Issue 2, p541-568, 28p, 5 Charts
- Publication Year :
- 2011
-
Abstract
- In this study, we examine some of the consequences of asset securitization. Specifically, using a sample of bank holding companies, we investigate whether the difficulty in assessing the true extent of risk transfer, between securitizing banks and investors in asset-backed securities, affects bank information uncertainty. We find that when market participants have a greater difficulty in estimating risk transfer, banks face greater information uncertainty (i.e., larger bid-ask spreads and analyst forecast dispersion). In addition, we find that this effect is mitigated for banks that operate in a higher quality information environment. We also find that banks that securitize financial assets have higher spreads and analyst forecast dispersion as compared to non-securitizing banks. [ABSTRACT FROM AUTHOR]
Details
- Language :
- English
- ISSN :
- 00014826
- Volume :
- 86
- Issue :
- 2
- Database :
- Complementary Index
- Journal :
- Accounting Review
- Publication Type :
- Academic Journal
- Accession number :
- 59411743
- Full Text :
- https://doi.org/10.2308/accr.00000020