By George M. Constantinides (Ed.), Milton Harris (Ed.), Rene M. Stulz (Ed.)
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Additional resources for Handbook of the Economics of Finance
But the FDIC ended up continuing the safe harbor for financial assets in securitizations. Aside from the above issue of the bankruptcy remoteness of the SPV, there is the issue of the SPV itself going bankrupt. The design of the securities issued by the SPV includes early amortization, as discussed above, so holders of these securities are never in a position to put the SPV into bankruptcy if there is not enough cash generated by the underlying portfolio to pay the coupons on the ABS. However, the SPV might still, for other reasons, voluntarily enter bankruptcy.
A loan can be funded on-balance sheet, in which case bank equity is used to honor the deposit contract should the borrower fail. On-balance sheet funding involves both the bank and the depositors paying information production costs. Alternatively, securitization is modeled as a partial guarantee of the loan, that is, the borrower buys some insurance from the bank. The bank produces information about the borrower and then offers a borrower-specific loan that is observable to investors and credibly communicates borrower type to investors, who then fund the loan directly.
2% of the total debt raised between 1984 and 1989. 2% over this period. The junk bond market grew from $10 billion in the early 1980s to over $200 billion by the end of the decade (see Taggart (1990)). This growth came at the expense of bank loans. Benveniste, Singh, and Wilhelm (1993) provide evidence that junk bonds and bank loans are substitutes. They examine the abnormal returns to money center banks associated with the SEC’s actions against Drexel and find statistically and economically excess returns associated with these events.