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The Role of Securitization in Bank Liquidity and Funding Management
- Elena Loutskina
- 16 August 2010
This paper studies the role of securitization in bank management. I propose a new index of "bank loan portfolio liquidity" which can be thought of as a weighted average of the potential to securitize… Expand
Corporate Venture Capital, Value Creation, and Innovation
We analyze how corporate venture capital (CVC) differs from independent venture capital (IVC) in nurturing innovation in entrepreneurial firms. We find that CVC-backed firms are more innovative, as… Expand
Securitization and the Declining Impact of Bank Finance on Loan Supply: Evidence from Mortgage Originations
Low-cost deposits and increased balance sheet liquidity raise banks' supply of illiquid loans more than loans easily sold or securitized. We exploit the inability of Fannie Mae and Freddie Mac to… Expand
Agency Theory of Overvalued Equity as an Explanation for the Accrual Anomaly
We show that the agency theory of overvalued equity (see Jensen, 2005) rather than investors' fixation on accruals explains the accrual anomaly, i.e., abnormal returns to an accrual trading strategy… Expand
Financial Integration, Housing and Economic Volatility
The Great Recession illustrates the sensitivity of the economy to housing. This paper shows that financial integration, fostered by securitization and nationwide branching, amplified the positive… Expand
Securitization and the Declining Impact of Bank Finance on Loan Supply: Evidence from Mortgage Acceptance Rates
This paper shows that securitization reduces the influence of bank financial condition on loan supply. Low-cost funding and increased balance-sheet liquidity raise bank willingness to approve… Expand
Informed and Uninformed Investment in Housing: The Downside of Diversification
Mortgage lenders that concentrate in a few markets invest more in information collection than diversified lenders. Concentrated lenders focus on the information-intensive jumbo market and on… Expand
Stress Tests and Small Business Lending
Post-crisis stress tests have altered banks’ credit supply to small business. Banks affected by stress tests reduce credit supply and raise interest rates on small business loans. Banks price the… Expand
The Role of Venture Capital Backing in Initial Public Offerings: Certification, Screening, or Market Power?
We empirically distinguish between three possible roles of venture backing in IPOs: certification, where venture-backed IPOs are priced closer to intrinsic firm value than non-venture backed IPOs due… Expand
How Do Corporate Venture Capitalists Create Value for Entrepreneurial Firms?
We analyze how corporate venture capitalists (CVCs) create value for entrepreneurial firms backed by them and how value creation by CVCs differs from that of independent venture capitalists (IVCs).… Expand