Loan sales, implicit contracts, and bank structure
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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|Date of creation:||1993|
|Date of revision:|
|Publication status:||Published in Conference on Bank Structure and Competition (1993 : 29th)|
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- George Pennacchi, .
"Loan Sales and the Cost of Bank Capital,"
Rodney L. White Center for Financial Research Working Papers
07-87, Wharton School Rodney L. White Center for Financial Research.
- 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.
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- Gary Gorton & Joseph G. Haubrich, 1987. "The paradox of loan sales," Proceedings 151, Federal Reserve Bank of Chicago.
- 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.).
- Miller, Merton H, 1977. "Debt and Taxes," Journal of Finance, American Finance Association, vol. 32(2), pages 261-75, May.
- Carlstrom, Charles T. & Samolyk, Katherine A., 1995.
"Loan sales as a response to market-based capital constraints,"
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Elsevier, vol. 19(3-4), pages 627-646, June.
- 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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