Are Asset Securitizations Sales or Loans?
成果类型：
Article
署名作者：
Landsman, Wayne R.; Peasnell, Kenneth V.; Shakespeare, Catherine
署名单位：
University of North Carolina; University of North Carolina Chapel Hill; Lancaster University; University of Michigan System; University of Michigan
刊物名称：
ACCOUNTING REVIEW
ISSN/ISSBN：
0001-4826
DOI：
10.2308/accr.2008.83.5.1251
发表日期：
2008
页码：
1251-1272
关键词：
摘要：
This study addresses whether asset securitizations are really asset sales or a form of secured borrowing, by estimating cross-sectional equity valuation regressions to assess whether the stock market treats securitized assets and liabilities held by a special purpose entity (SPE) as assets and liabilities of the sponsor-originator (S-O). Although all sample firms account for asset securitizations as sales, we find that the market views such SPE assets and liabilities as belonging to the S-O, i.e., the risk and rewards of ownership of the transferred assets reside with the S-O and not the SPE. Our findings are consistent with the explanation that sale-based asset securitizations enable SPE bondholders to retain priority in bankruptcy of the S-O while also enabling the S-O to obtain lower borrowing costs by implicitly guaranteeing the SPE's debt.
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