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Loan Sales, Implicit Contracts, and Bank Structure

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  • Haubrich, Joseph G
  • Thomson, James B

Abstract

We document some recent changes in the market for loan sales. We then test the main implications of several prevailing theories, using a Tobit model to relate loan sales and purchases to bank size, capital, risk, and funding mode. The results, though not definitive, broadly confirm the Pennacchi funding cost model of sales. Other data cast doubt on the importance of mergers and acquisitions for this market and on the comparability of different data sources. Copyright 1996 by Kluwer Academic Publishers

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Bibliographic Info

Article provided by Springer in its journal Review of Quantitative Finance and Accounting.

Volume (Year): 7 (1996)
Issue (Month): 2 (September)
Pages: 137-62

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Handle: RePEc:kap:rqfnac:v:7:y:1996:i:2:p:137-62

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Web page: http://springerlink.metapress.com/link.asp?id=102990

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References

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  1. Mester, Loretta J., 1992. "Traditional and nontraditional banking: An information-theoretic approach," Journal of Banking & Finance, Elsevier, vol. 16(3), pages 545-566, June.
  2. Carlstrom, Charles T. & Samolyk, Katherine A., 1995. "Loan sales as a response to market-based capital constraints," Journal of Banking & Finance, Elsevier, vol. 19(3-4), pages 627-646, June.
  3. George Pennacchi, . "Loan Sales and the Cost of Bank Capital," Rodney L. White Center for Financial Research Working Papers 7-87, Wharton School Rodney L. White Center for Financial Research.
  4. Miller, Merton H, 1977. "Debt and Taxes," Journal of Finance, American Finance Association, vol. 32(2), pages 261-75, May.
  5. Yair E. Orgler & Robert A. Taggart, Jr., 1981. "Implications of Corporate Capital Structure Theory for Banking Institutions," NBER Working Papers 0737, National Bureau of Economic Research, Inc.
  6. Lo, Andrew W. (Andrew Wen-Chuan) & MacKinlay, Archie Craig, 1955-, 1989. "Data-snooping biases in tests of financial asset pricing models," Working papers 3020-89., Massachusetts Institute of Technology (MIT), Sloan School of Management.
  7. Allen N. Berger & Gregory F. Udell, 1991. "Securitization, risk, and the liquidity problem in banking," Finance and Economics Discussion Series 181, Board of Governors of the Federal Reserve System (U.S.).
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Cited by:
  1. Ben R. Craig & Joseph G. Haubrich, 2000. "Gross loan flows," Working Paper 0014, Federal Reserve Bank of Cleveland.
  2. Carlstrom, Charles T. & Samolyk, Katherine A., 1995. "Loan sales as a response to market-based capital constraints," Journal of Banking & Finance, Elsevier, vol. 19(3-4), pages 627-646, June.
  3. Joseph G. Haubrich & James B. Thomson, 1994. "Loan sales: Pacific Rim trade in nontradable assets," Working Paper 9414, Federal Reserve Bank of Cleveland.
  4. Santos, João A.C. & Nigro, Peter, 2009. "Is the secondary loan market valuable to borrowers?," The Quarterly Review of Economics and Finance, Elsevier, vol. 49(4), pages 1410-1428, November.
  5. Gorton, Gary B. & Pennacchi, George G., 1995. "Banks and loan sales Marketing nonmarketable assets," Journal of Monetary Economics, Elsevier, vol. 35(3), pages 389-411, June.
  6. Ting-Fang Chiang & E-Ching Wu & Min-Teh Yu, 2007. "Premium setting and bank behavior in a voluntary deposit insurance scheme," Review of Quantitative Finance and Accounting, Springer, vol. 29(2), pages 205-222, August.
  7. Gupta, Anurag & Singh, Ajai K. & Zebedee, Allan A., 2008. "Liquidity in the pricing of syndicated loans," Journal of Financial Markets, Elsevier, vol. 11(4), pages 339-376, November.
  8. Li, Zhe & Sun, Jianfei, 2011. "Bank competition, securitization and risky investment," MPRA Paper 34173, University Library of Munich, Germany.
  9. Rebecca S. Demsetz, 1999. "Bank loan sales: a new look at the motivations for secondary market activity," Staff Reports 69, Federal Reserve Bank of New York.
  10. Haubrich, Joseph G. & Balasubramanyan, Lakshmi, 2014. "What do we know about regional banks? An exploratory analysis," Working Paper 1316, Federal Reserve Bank of Cleveland.
  11. Güner, A. Burak, 2008. "Bank lending opportunities and credit standards," Journal of Financial Stability, Elsevier, vol. 4(1), pages 62-87, April.

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