ارزش حق رجوع به حمایت اوراق بهادار دارایی چیست؟ مطالعه بالینی بانک کارت اعتباری
|کد مقاله||سال انتشار||مقاله انگلیسی||ترجمه فارسی||تعداد کلمات|
|48397||2004||25 صفحه PDF||سفارش دهید||10183 کلمه|
Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)
Journal : Journal of Banking & Finance, Volume 28, Issue 4, April 2004, Pages 875–899
The present paper uses credit card securitization data to show that recourse to securitized debt may benefit short- and long-term stock returns and long-term operating performance of sponsors. Therefore, although recourse violates regulatory guidelines and FASB140, recourse may have beneficial effects for sponsors by revealing that the shocks that made recourse necessary are transitory. Sponsors providing recourse do, however, experience an abnormal delay in their normal issuance cycle around the event. Hence, it appears that the asset-backed securities market is like the commercial paper market, where a firm’s ability to issue is directly correlated with credit quality.