Special purpose vehicles and securitization:
"Firms can finance themselves on- or off-balance sheet. Off-balance sheet financing involves transferring assets to "special purpose vehicles" (SPVs), following accounting and regulatory rules that circumscribe relations between the sponsoring firm and the SPVs. SPVs are carefully des...
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cambridge, Mass.
National Bureau of Economic Research
2005
|
| Schriftenreihe: | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series
11190 |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | "Firms can finance themselves on- or off-balance sheet. Off-balance sheet financing involves transferring assets to "special purpose vehicles" (SPVs), following accounting and regulatory rules that circumscribe relations between the sponsoring firm and the SPVs. SPVs are carefully designed to avoid bankruptcy. If the firm's bankruptcy costs are high, off-balance sheet financing can be advantageous, especially for sponsoring firms that are risky. In a repeated SPV game, firms can "commit" to subsidize or "bail out" their SPVs when the SPV would otherwise not honor its debt commitments. Investors in SPVs know that, despite legal and accounting restrictions to the contrary, SPV sponsors can bail out their SPVs if there is the need. We find evidence consistent with these predictions using data on credit card securitizations"--National Bureau of Economic Research web site. |
| Beschreibung: | 57, [5] S. graph. Darst. |
Internformat
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| 490 | 1 | |a National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |v 11190 | |
| 520 | 3 | |a "Firms can finance themselves on- or off-balance sheet. Off-balance sheet financing involves transferring assets to "special purpose vehicles" (SPVs), following accounting and regulatory rules that circumscribe relations between the sponsoring firm and the SPVs. SPVs are carefully designed to avoid bankruptcy. If the firm's bankruptcy costs are high, off-balance sheet financing can be advantageous, especially for sponsoring firms that are risky. In a repeated SPV game, firms can "commit" to subsidize or "bail out" their SPVs when the SPV would otherwise not honor its debt commitments. Investors in SPVs know that, despite legal and accounting restrictions to the contrary, SPV sponsors can bail out their SPVs if there is the need. We find evidence consistent with these predictions using data on credit card securitizations"--National Bureau of Economic Research web site. | |
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| id | DE-604.BV023591372 |
| illustrated | Illustrated |
| index_date | 2024-07-02T22:41:28Z |
| indexdate | 2024-07-09T21:25:10Z |
| institution | BVB |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-016906702 |
| oclc_num | 58812894 |
| open_access_boolean | 1 |
| owner | DE-521 DE-19 DE-BY-UBM |
| owner_facet | DE-521 DE-19 DE-BY-UBM |
| physical | 57, [5] S. graph. Darst. |
| publishDate | 2005 |
| publishDateSearch | 2005 |
| publishDateSort | 2005 |
| publisher | National Bureau of Economic Research |
| record_format | marc |
| series | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| series2 | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| spelling | Gorton, Gary 1951- Verfasser (DE-588)124255841 aut Special purpose vehicles and securitization Gary Gorton ; Nicholas S. Souleles Cambridge, Mass. National Bureau of Economic Research 2005 57, [5] S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 11190 "Firms can finance themselves on- or off-balance sheet. Off-balance sheet financing involves transferring assets to "special purpose vehicles" (SPVs), following accounting and regulatory rules that circumscribe relations between the sponsoring firm and the SPVs. SPVs are carefully designed to avoid bankruptcy. If the firm's bankruptcy costs are high, off-balance sheet financing can be advantageous, especially for sponsoring firms that are risky. In a repeated SPV game, firms can "commit" to subsidize or "bail out" their SPVs when the SPV would otherwise not honor its debt commitments. Investors in SPVs know that, despite legal and accounting restrictions to the contrary, SPV sponsors can bail out their SPVs if there is the need. We find evidence consistent with these predictions using data on credit card securitizations"--National Bureau of Economic Research web site. Ökonometrisches Modell Corporations Finance Econometric models Souleles, Nicholas S. Verfasser (DE-588)129696560 aut Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 11190 (DE-604)BV002801238 11190 http://papers.nber.org/papers/w11190.pdf kostenfrei Volltext |
| spellingShingle | Gorton, Gary 1951- Souleles, Nicholas S. Special purpose vehicles and securitization National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series Ökonometrisches Modell Corporations Finance Econometric models |
| title | Special purpose vehicles and securitization |
| title_auth | Special purpose vehicles and securitization |
| title_exact_search | Special purpose vehicles and securitization |
| title_exact_search_txtP | Special purpose vehicles and securitization |
| title_full | Special purpose vehicles and securitization Gary Gorton ; Nicholas S. Souleles |
| title_fullStr | Special purpose vehicles and securitization Gary Gorton ; Nicholas S. Souleles |
| title_full_unstemmed | Special purpose vehicles and securitization Gary Gorton ; Nicholas S. Souleles |
| title_short | Special purpose vehicles and securitization |
| title_sort | special purpose vehicles and securitization |
| topic | Ökonometrisches Modell Corporations Finance Econometric models |
| topic_facet | Ökonometrisches Modell Corporations Finance Econometric models |
| url | http://papers.nber.org/papers/w11190.pdf |
| volume_link | (DE-604)BV002801238 |
| work_keys_str_mv | AT gortongary specialpurposevehiclesandsecuritization AT soulelesnicholass specialpurposevehiclesandsecuritization |