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Loan sales, implicit contracts, and bank structure

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  • Joseph G. Haubrich
  • James B. Thomson

Abstract

A documentation of some recent changes in the market for loan sales, using a tobit model to relate quantities of loans bought and sold to bank size, capital, risk, and funding mode.

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Bibliographic Info

Paper provided by Federal Reserve Bank of Cleveland in its series Working Paper with number 9307.

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Date of creation: 1993
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Handle: RePEc:fip:fedcwp:9307

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Keywords: Bank loans;

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References

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  1. Pennacchi, George G, 1988. " Loan Sales and the Cost of Bank Capital," Journal of Finance, American Finance Association, American Finance Association, vol. 43(2), pages 375-96, June.
  2. Andrew W. Lo & A. Craig MacKinlay, 1989. "Data-Snooping Biases in Tests of Financial Asset Pricing Models," NBER Working Papers 3001, National Bureau of Economic Research, Inc.
  3. Charles T. Carlstrom & Katherine A. Samolyk, 1993. "Loan sales as a response to market-based capital constraints," Working Paper 9313, Federal Reserve Bank of Cleveland.
  4. Miller, Merton H, 1977. "Debt and Taxes," Journal of Finance, American Finance Association, American Finance Association, vol. 32(2), pages 261-75, May.
  5. Loretta J. Mester, 1990. "Traditional and nontraditional banking: an information-theoretic approach," Working Papers 90-3, Federal Reserve Bank of Philadelphia.
  6. 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.
  7. Allen N. Berger & Gregory F. Udell, 1991. "Securitization, risk, and the liquidity problem in banking," Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) 181, Board of Governors of the Federal Reserve System (U.S.).
  8. Gary B. Gorton & Joseph G. Haubrich, 1987. "The paradox of loan sales," Proceedings, Federal Reserve Bank of Chicago 151, Federal Reserve Bank of Chicago.
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Citations

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Cited by:
  1. Gorton, Gary B. & Pennacchi, George G., 1995. "Banks and loan sales Marketing nonmarketable assets," Journal of Monetary Economics, Elsevier, Elsevier, vol. 35(3), pages 389-411, June.
  2. Gupta, Anurag & Singh, Ajai K. & Zebedee, Allan A., 2008. "Liquidity in the pricing of syndicated loans," Journal of Financial Markets, Elsevier, Elsevier, vol. 11(4), pages 339-376, November.
  3. 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, Springer, vol. 29(2), pages 205-222, August.
  4. Joseph G. Haubrich & James B. Thomson, 1994. "Loan sales: Pacific Rim trade in nontradable assets," Working Paper 9414, Federal Reserve Bank of Cleveland.
  5. Haubrich, Joseph G. & Balasubramanyan, Lakshmi, 2014. "What do we know about regional banks? An exploratory analysis," Working Paper 1316, Federal Reserve Bank of Cleveland.
  6. Rebecca S. Demsetz, 1999. "Bank loan sales: a new look at the motivations for secondary market activity," Staff Reports, Federal Reserve Bank of New York 69, Federal Reserve Bank of New York.
  7. Ben Craig & Joseph G. Haubrich, 2006. "Gross loan flows," Working Paper 0604, Federal Reserve Bank of Cleveland.
  8. Li, Zhe & Sun, Jianfei, 2011. "Bank competition, securitization and risky investment," MPRA Paper 34173, University Library of Munich, Germany.
  9. Güner, A. Burak, 2008. "Bank lending opportunities and credit standards," Journal of Financial Stability, Elsevier, Elsevier, vol. 4(1), pages 62-87, April.
  10. Santos, João A.C. & Nigro, Peter, 2009. "Is the secondary loan market valuable to borrowers?," The Quarterly Review of Economics and Finance, Elsevier, Elsevier, vol. 49(4), pages 1410-1428, November.
  11. Charles T. Carlstrom & Katherine A. Samolyk, 1993. "Loan sales as a response to market-based capital constraints," Working Paper 9313, Federal Reserve Bank of Cleveland.

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