Download Handbook of the Economics of Finance, Volume 2A: Corporate by George M. Constantinides, Milton Harris, René M. Stulz PDF
By George M. Constantinides, Milton Harris, René M. Stulz
Within the eleven articles during this first of 2 components, most sensible students summarize and learn contemporary scholarship in company finance. protecting topics from company taxes to behavioral company finance and econometric matters, their articles show how specializations resonate with one another and point out most probably instructions for destiny learn. through together with either proven and rising subject matters, quantity 2 can have an identical lengthy shelf lifestyles and excessive citations that represent quantity 1 (2003).
- provides coherent summaries of significant finance fields, marking vital advances and revisions
- Describes the simplest company finance examine created concerning the 2008 monetary crises
- Exposes readers to quite a lot of matters defined and analyzed through the easiest students
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Additional resources for Handbook of the Economics of Finance, Volume 2A: Corporate Finance
ABS are debt claims, and so are senior securities. Further, asset-backed securities have some unique features that make them particularly valuable as collateral. First, the SPV organized as a trust has no equity that is traded, so no one has an incentive to produce information about this residual claim, and so as a by-product there is no information produced that would have an impact on the ABS. Second, there is no managerial discretion that can dramatically alter the risk profile of the underlying assets.
Moreover, it has economic substance. Since the cash flows are passive, there are no valuable control rights over corporate assets to be contested in a bankruptcy process. Thus, it is in all claimants’ interest to avoid a costly bankruptcy process. Below, we review some of the legal features which make the SPV liquidation-efficient. The tax advantage of on-balance sheet debt, term C, is straightforward. The tax advantage does not apply to SPV debt because SPVs are tax neutral. If they were not, then the profits from lending would be taxed twice, making securitization infeasible.
Another important feature of securitization is that there is no secondary (and usually no primary) market for the equity tranche. The most information-sensitive security is held by the originator, so there is no market like the equities market for firms. Securitization Originators, historically, have not been obligated to hold the equity tranche, but seem to behave that way, quite likely for incentive reasons. But the fact that there is no incentive to produce information, and then trade the equity tranche, means that no information is revealed in the way that it is for corporations, via the stock market.