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Loan sales, implicit contracts, and bank structure

Author

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  • James B. Thomson
  • Joseph G. Haubrich

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.

Suggested Citation

  • James B. Thomson & Joseph G. Haubrich, 1993. "Loan sales, implicit contracts, and bank structure," Working Papers (Old Series) 9307, Federal Reserve Bank of Cleveland, revised 1993.
    • Handle: RePEc:fip:fedcwp:9307
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    References listed on IDEAS

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    1. 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.
    2. Lo, Andrew W & MacKinlay, A Craig, 1990. "Data-Snooping Biases in Tests of Financial Asset Pricing Models," Review of Financial Studies, Society for Financial Studies, vol. 3(3), pages 431-467.
    3. Gary Gorton & Joseph G. Haubrich, 1987. "The paradox of loan sales," Proceedings 151, Federal Reserve Bank of Chicago.
    4. Pennacchi, George G, 1988. " Loan Sales and the Cost of Bank Capital," Journal of Finance, American Finance Association, vol. 43(2), pages 375-396, June.
    5. Mester, Loretta J., 1992. "Traditional and nontraditional banking: An information-theoretic approach," Journal of Banking & Finance, Elsevier, vol. 16(3), pages 545-566, June.
    6. 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 (US).
    7. 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.
    8. Miller, Merton H, 1977. "Debt and Taxes," Journal of Finance, American Finance Association, vol. 32(2), pages 261-275, May.
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    Citations

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    Cited by:

    1. Ben R. Craig & Joseph G. Haubrich, 2013. "Gross Loan Flows," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 45(2-3), pages 401-421, March.
    2. 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.
    3. Rebecca S. Demsetz, 2000. "Bank Loan Sales: A New Look At The Motivations For Secondary Market Activity," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 23(2), pages 197-222, June.
    4. 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.
    5. James B. Thomson & Joseph G. Haubrich, 1994. "Loan sales: Pacific Rim trade in nontradable assets," Working Papers (Old Series) 9414, Federal Reserve Bank of Cleveland, revised 1994.
    6. Lakshmi Balasubramanyan & Joseph G. Haubrich, 2014. "What do we know about regional banks? An exploratory analysis," Working Papers (Old Series) 1316, Federal Reserve Bank of Cleveland, revised 09 Jan 2014.
    7. 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.
    8. 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.
    9. Güner, A. Burak, 2008. "Bank lending opportunities and credit standards," Journal of Financial Stability, Elsevier, vol. 4(1), pages 62-87, April.
    10. Li, Zhe & Sun, Jianfei, 2011. "Bank competition, securitization and risky investment," MPRA Paper 34173, University Library of Munich, Germany.
    11. 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.
    12. Dina El-Mahdy & Myung Park, 2014. "Internal control quality and information asymmetry in the secondary loan market," Review of Quantitative Finance and Accounting, Springer, vol. 43(4), pages 683-720, November.
    13. Rebecca Demsetz, 1999. "Bank loan sales: a new look at the motivations for secondary market activity," Staff Reports 69, Federal Reserve Bank of New York.

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    Keywords

    Bank loans;

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