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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- 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.
- Miller, Merton H, 1977. "Debt and Taxes," Journal of Finance, American Finance Association, vol. 32(2), pages 261-75, May.
- Gary B. Gorton & Joseph G. Haubrich, 1987. "The paradox of loan sales," Proceedings 151, Federal Reserve Bank of Chicago.
- 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.
- 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.
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