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Special purpose vehicles and securitization

Author: Gary Gorton; Nicholas S Souleles; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, ©2005.
Series: Working paper series (National Bureau of Economic Research), working paper no. 11190.
Edition/Format:   Print book : EnglishView all editions and formats
Database:WorldCat
Summary:
"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  Read more...
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Material Type: Internet resource
Document Type: Book, Internet Resource
All Authors / Contributors: Gary Gorton; Nicholas S Souleles; National Bureau of Economic Research.
OCLC Number: 58812894
Notes: "March 2005."
Description: 57, [5] pages : illustrations ; 22 cm.
Series Title: Working paper series (National Bureau of Economic Research), working paper no. 11190.
Responsibility: Gary Gorton, Nicholas S. Souleles.

Abstract:

"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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