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Securitization of state-owned enterprises in ChinaCai, Ying. January 1998 (has links)
Thesis (LL.M.)--University of Hong Kong, 1998. / Includes bibliographical references (p. 79-80). Also available in print.
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Three essays on securitization /Mordel, Adi. Mason, Joseph. January 2010 (has links)
Thesis (Ph.D.)--Drexel University, 2010. / Includes abstract and vita. Includes bibliographical references (leaves 124-130).
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Three essays in commercial mortgagesHolmes, Cynthia 05 1900 (has links)
This dissertation consists of three essays on the topic of commercial mortgages. The first paper
contributes to the commercial mortgage literature and the multiple factor asset-pricing literature by
creating a model for commercial mortgage returns. The result of an initial analysis using the five
Fama and French (1993) factors is that the sensitivities of commercial mortgage returns and corporate
bond returns to all factors are statistically indistinguishable. However, further analysis was
performed using factors associated with real estate returns, and the result is that unlike corporate
bonds, commercial mortgage returns are sensitive to the factor that measures growth in personal
consumption.
In the second paper, I investigate the two potential outcomes that can eventually arise when a
commercial mortgage borrower fails to make a scheduled payment. Either the borrower reinstates the
loan and resumes payment or the lender forecloses on the property. The following question arises:
under which situation does each outcome occ.ur? I investigate this using a game-theoretic model and
multinomial logit empirical tests on a disaggregate dataset. My key finding is that the outcome is
based on the relative values of variables that include the borrower's equity in the secured property
and the rate of property appreciation. Empirical tests confirm that the characteristics of real estate
loans across delinquency outcomes are distinguishable.
The third paper investigates the role of commercial mortgage guarantees in default. Childs, Ott and
Riddiough (1996) use an options-based theoretical model to show that recourse should reduce the
likelihood of default. This paper tests that prediction empirically using a database from a Canadian
lender. The advantage of using a Canadian dataset is the prevalence of recourse lending not seen in
the U.S. I find a negative relationship between default and the presence of a guarantee, supporting
the Childs, Ott and Riddiough (1996) prediction. / Business, Sauder School of / Graduate
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A guide to asset securitisation in South AfricaOlivier, Albert 12 1900 (has links)
Thesis (MBA)--Stellenbosch University, 2002. / Some digitised pages may appear illegible due to the condition of the original hard copy / ENGLISH ABSTRACT: Enormous growth has been experienced in the South African securitisation
environment due to the lack of Government bond issues. There is little doubt that
securitisation is still in its early stages in South Africa, but it is here to stay. Asset
securitisation can be described as the process of pooling and repackaging non
tradable assets secured by relatively uniform, small value assets into liquid securities.
The original form of asset securitisation is mortgage backed securities. The success
achieved in the securitisation of mortgage loans globally resulted in the securitisation
of other types of asset backed securities. Auto loans, credit card receivables and
synthetic securitisation have attracted substantial interest in South Africa in the
recent past. Synthetic securitisation is becoming an increasingly important topic
following the focus of financial institutions to manage regulatory and risk capital.
Each securitisation transaction can be structured in such a way to demonstrate
specific cash flow characteristics, risk profiles or average life parameters.
Securitisation structures include several entities, with each playing a distinct role.
The originator is the entity which creates the underlying asset pool. The asset pool is
then sold to a SPV, which is a bankruptcy remote vehicle through which the
securitisation transaction is facilitated. The SPV will sell securities backed by the
asset pool to investors. The proceeds of the issue are used to finance the purchase
of the asset pool from the originator. The SPV appoints a servicer that administers
the asset pool on behalf of the issuer in return for a fee.
The South African legal and tax environment is currently undergoing a transformation
in order to accommodate the growing interest in securitisation. Precedents regarding
the taxation of securitisation structures are still lacking in South Africa. Both legal
and taxation issues around securitisation transactions are likely to change over the
coming years.
The South African securitisation market still needs to be improved significantly ahead
of being classified as world class. The lack of familiarity among investors involved in securitisation is keeping the market from growing to its full potential. Investor
education and the documentation of deal information are crucial. The growth of
securitisation issues is necessary to increase volumes and in turn enhance liquidity.
Knowledge, volumes and regulations regarding securitisation are certainly lacking in
South Africa, and though this may slow growth, it will most definitely not prevent the
business from rapidly expanding. / AFRIKAANSE OPSOMMING: Die tekort aan staatseffekte in Suid Afrika is een van die redes wat gelei het tot die
groei van die Suid Afrikaanse bate effekte mark. Alhoewel bate effektering nog 'n
nuwe konsep in Suid Afrika is, het die finansiele markte in Suid Afrika effektering
aanvaar en groot belangstelling word getoon deur beide finansiele instellings en
beleggers. Bate effektering kan beskryf word as die proses waar onverhandelbare
bates saam gegroepeer word en omskep word in likiede sekuriteite wat in die ope
mark verhandel kan word.
Bate effektering het sy oorsprong in die Verenigde State van Amerika gehad, waar
verbandlenings ge-effekteer is. Groot suksesse is behaal en ander vorme van bates
is vinnig ge-effekteer en aan die mark gebied. In Suid Afrika is verskillende vorme
van effektering al aangetref, die nuutste en mees opwindenste is egter sintetiese
effektering.
Effektering sluit verskillende entiteite in, en elkeen speel 'n baie spesifieke rol.
Kortliks is die proses soos hierna beskryf. Die bates word deur die oorspronklike
eienaar aan 'n spesiale doel voertuig verkoop. Die spesiale doel voertuig is
heeltemal onafhanklik van ander eenhede in die effekteringsstruktuur en finansiele
probleme in die struktuur het geen effek op die kredietwaardigheid van die spesiale
doel voertuig nie. Die spesiale doel voetuig verkoop effekte aan beleggers, en die
inkomste ontvang van beleggers befonds die aankoop van die poel bates van die
oorspronklike eienaar. Die spesiale doel voertuig word gediens en onderhou deur 'n
diens verskaffer in ruil vir 'n kontraktuele vergoeding.
Die Suid Akrikaanse finansiële markte is tans besig om 'n transformasie proses te
ondergaan om effektering te akkomodeer, die fokus is veral op wetlike en belasting
aspekte. Alhoewel baie veranderinge al plaasgevind het, sal daar nog baie gedoen
moet word voor die Suid Afrikaanse mark as wereld-klas geklassifiseer kan word.
Ongelukkig is beleggers nog onbekend met effektering en daarom weerhou dit die
mark van vinnige ontwikkeling.
Kortom, kennis, volumes en duideliker regulasies wat betrekking het op effektering is
definitief nodig in Suid Afrika, en alhoewel dit groei verstadig, sal dit definitief nie die
nuwe finansiële instrument keer om tot een van Suid Afrika se vooraanstaande
finansiële instrumente te ontwikkel nie.
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Securitization of state-owned enterprises in ChinaCai, Ying. January 1998 (has links)
published_or_final_version / Law / Master / Master of Laws
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Asset securitization by non-financial firms: motivation and market valuationUnknown Date (has links)
This dissertation examines several research questions relating to securitization by non-financial firms. Finance theories suggest securitization is most beneficial when there is high demand for liquidity. On the other hand, empirical studies have shown that firms engage in securitization to manage earnings. I find that liquidity demand, not the incentive for earnings management motivates securitization transactions by non-financial firms. I also evaluate whether earnings management in securitization is indeed undesirable from a shareholder's perspective by examining the economic consequences of the practice. Because securitization creates a large infusion of cash, one way to evaluate the economic consequences of earnings management is to examine whether securitization proceeds encourage overinvestment. I find that earnings management in securitization (i.e., recording non-zero securitization income) is unrelated to firms' suboptimal) overinvestment in the post-securitization period. Thus, it appears that earning management in securitization has no negative economic consequence in terms of generating excess securitization proceeds that encourage overinvestment. I also examine the market's valuation of securitizable assets in the accrual components of earnings and the use of securitization proceeds. Because securitizable assets can be converted into cash through securitization, I test whether the market valuation reflects the source of liquidity in securitizable assets that is similar to the cash component of earnings. I find that, for securitization firms, the market valuation of securitizable assets is similar to that of the cash component of earnings. / Lastly, I find some evidence supporting the assertion that firms' liquidity prior to securitization influences the market valuation on securitization proceeds retained on the balance sheet, in that the market assigns a discount to retained proceeds for firms with excess liquidity prior to securitiaztion. / by Qianyun Huang. / Thesis (Ph.D.)--Florida Atlantic University, 2011. / Includes bibliography. / Electronic reproduction. Boca Raton, Fla., 2011. Mode of access: World Wide Web.
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Asset-backed securitisation in the USA and the role players : a practical application with commercial property in the South African contextVenter, Martin 12 1900 (has links)
Thesis (MBA)--Stellenbosch University, 2002. / ENGLISH ABSTRACT: Owners of directly held, large commercial properties mostly face problems
regarding liquidity and sometimes higher-risk exposure due to large properties
dominating their property portfolio.
• Exit vehicles in the listed property sector on the JSE are gaining momentum but
are, however, still facing the negative impact of overall bear market conditions.
• An exit vehicle in the bond market can serve as an alternative, where a Limited
Purpose Company/Special Purpose Vehicle (SPV) acquires a rental income stream
from a portfolio of properties and issues bonds. The funds raised from bond
investors, who focus on the credit rating of the income stream and not the
properties, are then used to acquire the property assets.
• Current market conditions, favour an asset-backed securitisation of property
leases. Low interest rates and other factors in the current market, as discussed in
this document, ensure lower costs of debt and easier access to capital when funds
are raised on the bond market, relative to the equity markets, with highly geared
structures not necessarily causing a negative impact on the credit rating (80% -
90% gearing possible with A - AA local credit rating).
• Usually a promoter, a Merchant Bank and a few institutions/ pension funds are
involved. Example: Institution X will be requested to take up an equity stake in
the fund by selling some properties or stakes therein (Institution X buildings) and
receiving payment in a combination of cash, junior bonds and equity. The benefits
to Institution X are discussed on page 39. / AFRIKAANSE OPSOMMING: Eienaars van groot kommersiële eiendomme wat direk besit word, ondervind
normaalweg probleme rakende likiditeit en verhoogde risiko a.g.v. die groot
eiendomme wat hulle portefeulje domineer.
• JEB (Johannesburgse Aandelebeurs) genoteerde maatskappye, as uitgangstrategie
vir die verkoop van eiendom, is 'n oplossing, maar beer mark
toestande verlaag die moontlikheid.
• 'n Maatskappy genoteer op BESA (Effektemark) kan as uitgang- strategie
dien, waar die voormelde maatskappy met beperkte aanspreeklikheid die
huurinkomstestroom van 'n portefeulje van eiendom aankoop en effekte uitgee
vir die finansiering van die transaksie. Die beleggers wie die effekte koop,
fokus op die kredietgradering van die effekte en nie die eiendom as
onderliggende bate nie.
• Huidige mark omstandighede verbeter die moontlikheid van 'n bategesekureerde
sekuritusasie van eiendomshuurkontrakte. Lae rentekoerse en
ander faktore wat in hierdie dokument bespreek word, verseker laer koste van
kapitaal en makliker toegang tot fondse relatief tot die aandelemarkte. Hoë
hefboom-finansiering is moontlik sonder te groot impak op die
kredietgradering. (A-AA kredietgradering moontlik met 80%-90% skuld)
• Normaalweg is 'n promoter, 'n beleggingsbank en 'n paar institusies/
pensioenfondse betrokke. Bv. Institusie X word versoek om aandeelhouding
op te neem in 'n maatskappy deur eiendomme te verkoop aan die voormelde
maatskappy en betaling te ontvang in die vorm van 'n kombinasie van kontant,
junior effekte en aandele. Die voordele vir Institusie X word bepreek op bl. 39
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Fundos de investimentos em direitos credit??rios: riscos e ratings em eventos de avalia????oNeves Junior, Hamilton Cruz 27 July 2016 (has links)
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Previous issue date: 2016-07-27 / This research outlined a longitudinal view of Asset Backed Securities (in Brazilian version named FIDC) presenting evaluation events and problems that led to the early amortization and/or settlement by analyzing 44 ABS of a sample selected in the period between the years 2005 and 2014. It???s a descriptive and bibliographic research, with a qualitative approach and informative material content analysis related to such funds: regulations, prospectuses, rating reports and minutes of shareholders' meetings available on the websites of Brazilian Securities Commission (CVM) and Center for Custody and Financial Settlement of Securities (CETIP). The limitation of this research was that the document databases for the history of each existing fund with the CVM are not always complete. This study aimed to identify the main features of these ABS, the reasons that led to the evaluation events, and the presence of evidence to suggest "conflict of interest" from the perspective of agency theory in the management of these funds. On the one hand the results showed that many ABS who enjoyed high preliminary rating had operational problems that hampered receivables flows for these funds: only 20% of evaluated cases, ratings agencies could lower the ratings before evaluation events were announced . On the other hand, during biennium 2014/2015 CVM sought to improve legislation to prevent conflicts of interest among the participants of these operations, and to create mechanisms to ensure necessary information flows for credit rating agencies to carry out their monitoring work more effectively. / Essa disserta????o delineou um panorama longitudinal dos Fundos de Investimento em Direitos Credit??rios (FIDCs) que apresentaram eventos de avalia????o e problemas que levaram ?? amortiza????o e/ou liquida????o antecipada, analisando 44 FIDCs de uma amostra selecionada no per??odo que vai entre os anos de 2005 a 2014. Trata-se de uma pesquisa descritiva e bibliogr??fica, com abordagem qualitativa e an??lise de conte??do de material informativo referente a esses fundos: regulamentos, prospectos, relat??rios de rating e atas das assembleias de cotistas dispon??veis nas p??ginas da internet da Comiss??o de Valores Mobili??rios (CVM) e da Central de Cust??dia e Liquida????o Financeira de T??tulos (CETIP). A limita????o para a realiza????o desta pesquisa foi que os bancos de dados de documentos referentes ao hist??rico de cada fundo existente junto a CVM nem sempre s??o completos. Este trabalho objetivou identificar as principais caracter??sticas desses FIDCs, os motivos que levaram aos eventos de avalia????o e a presen??a de elementos que indiquem ???conflito de interesses??? sob a ??tica da Teoria da Ag??ncia na administra????o desses fundos. De um lado os resultados mostraram que diversos FIDCs que gozavam de elevado rating preliminar apresentaram problemas operacionais que prejudicaram o fluxo de receb??veis para esses fundos: somente em 20% dos casos avaliados, as ag??ncias puderam rebaixar os ratings antes que fossem acionados os eventos de avalia????o. Por outro lado, a CVM no bi??nio (2014/2015) procurou aprimorar a legisla????o para evitar conflitos de interesse entre os participantes dessas opera????es, bem como criar mecanismos que garantam o fluxo de informa????es necess??rias para que a ag??ncias de classifica????o de risco possam realizar seus trabalhos de monitoramento com mais efic??cia.
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Hong Kong investors' experience with structured financial products: financial literacy, learning, and socialnetworksZhang, Miao, 张苗 January 2010 (has links)
published_or_final_version / Economics and Finance / Master / Master of Philosophy
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The Business Trust and its role as an entity in the financial environmentNel, Ebenhaeser Cornelis January 2012 (has links)
The trust figure in South Africa has undergone an interesting process of evolution during the last century – from a mere gratuity or private tax evasion tool to a proper family protection, business entity, investment, and structured finance vehicle. Its flexibility and multi-functionality positioned the trust as an ideal legal institution for many innovative ideas in the search for holistic business structures, economic empowerment transactions, general estate planning and risk protection initiatives, and ultimately, its application as financial instrument and structured finance entity. The development of both traditional and synthetic securitisation schemes in South Africa has been investigated, with some emphasis on the application of the special purpose institution, which may be in trust form. It is submitted that the application of the trust figure has developed without any significant contribution from the local legislator. A sound legal and regulatory framework is crucial for the creation of a strong future environment for legal and financial vehicles. The question is, however, whether the current South African legal framework for the application of the business trust, and also as a vehicle for financial instruments, is adequately sound and robust in light of the standards set in the international business and financial environment. It is submitted that the hybrid nature of the South African legal landscape is conducive for the development of sound legal systems in an ever-changing legal and economic reality. It is further submitted that in the development of proper legal frameworks, South Africa should position itself particularly in its context as a Southern African developing democracy. The South African trust development is compared with that of some foreign jurisdictions as well as with international conventions and treaties of relevance. Some recommendations for necessary changes are made and it is submitted that such future development of the trust figure should not take place haphazardly, but within the context of a structured regulatory model.
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