Thesis (Ph. D.)--University of Chicago, Graduate School of Business, August 2000. / Includes bibliographical references. Also available on the Internet.

In the first chapter we introduce securitisations and discuss the current state of structured finance in Europe; we also explore the main trends in securitisations and future prospects. Next, we provide a general introduction to the theoretical and empirical literature concerning securitisations and structured finance more generally: we discuss theoretical hypotheses concerning different rationales for structured credit and explore the empirical literature on the topic. In the second chapter, we look at financial contracts determining implicit boundaries of a firm. In the spirit of the incomplete contract theory, we analyse optimal allocations of control in financial contracts involving limits on managerial discretion and legal separation of assets. Our model explores the interplay between different groups of creditors and managers in a symmetric information environment. The results display optimality conditions for different contracts from asset-backed securities through project finance to debt with covenants vis-a-vis a standard debt contract. In the third chapter, we provide the first systematic testing of the theories of tranching. We find support for asymmetric information and market segmentation explanations for tranching and present evidence on how such different rationales influence the structuring process in practice. We also investigate the impact of tranching on the price of securities at the issue level. In the fourth chapter, we investigate determinants of launch spreads in securitisation transactions. First, we develop a reduced-form pricing model of tranches across different transaction types and test it. We document the importance of credit ratings for prices of structured securities. Next, we test for the effect of tranching on pricing of individual securities. Finally, we develop a simultaneous equations supply and demand model with endogenous structuring to further investigate the effects of structuring on prices at launch. In the fifth chapter, we investigate returns to equity around securitisation dates, and explore how different factors influence the size and the direction of the potential effects. We find significant, positive, and consistent abnormal returns to equity on the pricing date, over longer event windows, and over the period immediately prior to the issue date. We find support for the theory that equity holders in well-capitalised banks and firms with low gearing benefit from securitisations. Furthermore, we show that more developed securitisation markets, larger issuers, and banks in particular all benefit from securitisations.

Thesis (Ph. D.)--West Virginia University, 2004. / Title from document title page. Document formatted into pages; contains vii, 117 p. : ill. (some col.). Includes abstract. Includes bibliographical references (p. 112-117).

Title from PDF of title page (University of Missouri--Columbia, viewed on Feb 16, 2010). The entire thesis text is included in the research.pdf file; the official abstract appears in the short.pdf file; a non-technical public abstract appears in the public.pdf file. Dissertation advisor: Dr. Ronald Ratti. Vita. Includes bibliographical references.

This thesis has been written to provide the reader with a general understanding of a securitization transaction. It should be considered constructive reading for persons engaged in the practice of Canadian corporate, banking and securities law, the financial services industry as well as corporate officers who wish to expand their knowledge on the topic of structured finance. The following describes the primary participants and basic components involved in a securitization transaction and discusses how each comes together to result in the issuance of asset-backed securities. Further, this thesis provides an analysis of each step and aspect that is necessary to structure a securitization transaction. Securitization involves a multitude of legal, accounting and tax issues, and this thesis concentrates on the most central of such issues. Lastly, this thesis concludes with some insight into what the future holds for the securitization market.

Thesis (Ph. D.)--George Washington University, 1989. / Includes bibliographical references (leaves 267-280).

No description available.

Zhang Xixi. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2006. / Includes bibliographical references (leaves 90-91). / Abstracts in English and Chinese. / Chapter I. --- Introduction --- p.6 / Chapter II. --- Literature Review --- p.10 / Chapter III. --- Hypotheses and Design of the Tests --- p.22 / Chapter IV. --- Data and Findings --- p.34 / Chapter A. --- Data Source --- p.34 / Chapter B. --- Selection of Sample BHCs --- p.35 / Chapter C. --- BHC Size and Description Securitization --- p.38 / Chapter 1). --- Description of BHC Size --- p.38 / Chapter 2). --- Types of Securitization --- p.43 / Chapter V. --- Results --- p.46 / Chapter A. --- Differences Between Securitizing and Non-securitizing BHC Characteristics --- p.46 / Chapter 1). --- Univariate Test between Securitizing and Non-securitizing banks Characteristics --- p.47 / Chapter 2). --- Joint Test of Difference between Mean Values of the Characteristics --- p.61 / Chapter B. --- Correlations among Variables --- p.62 / Chapter 1). --- Correlation within Same Characteristics Class --- p.63 / Chapter 2). --- Correlation among Different Characteristics --- p.65 / Chapter C. --- To Explain Decision on Securitization --- p.67 / Chapter D. --- Linear Regression to Explain the Degree of Securitizing Among Securitizing Banks --- p.75 / Chapter V. --- Conclusion and Insights for Future Research --- p.82 / Chapter A. --- Conclusion --- p.82 / Chapter B. --- Future Research --- p.87 / Chapter VI. --- References --- p.90 / Chapter VII. --- Appendix --- p.92

University of Macau / Faculty of Law

Thesis (doctoral)--Universität Hamburg, 2008. / Includes bibliographical references and index.