发表状态 | 已发表Published |
题名 | Governance and optimal financing for asset-backed securitization |
作者 | |
发表日期 | 2004-10-01 |
发表期刊 | Journal of Property Investment & Finance
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ISSN/eISSN | 1463-578X |
卷号 | 22期号:5页码:414-434 |
摘要 | Asset-backed securitization (ABS) is an interesting financial innovation whereby debt instruments backed by cash flows generated from income-producing assets are issued for investment purposes in the capital markets. This study examines the characteristics of ABS transactions in Singapore and evaluates whether proper governance mechanisms have been developed to protect ABS investors. We examined the unique features of the Visor case, such as rental guarantee, large block ownerships of junior bonds, credit enhancement, embedded options, managerial relationships between the SPV and servicers, and critically evaluated the effects of these characteristics on the governance of ABS. Rules on separation of banks' participation in ABS and the accountant's requirement of “clean sale” that affect the ABS structure were also discussed. We also develop a simple information asymmetric model to evaluate the pecking order choice of two different financing methods: Collateralized loans and ABS. © 2004, Emerald Group Publishing Limited |
关键词 | Assets management Governance Singapore |
DOI | 10.1108/14635780410556898 |
URL | 查看来源 |
语种 | 英语English |
Scopus入藏号 | 2-s2.0-84993000180 |
引用统计 | |
文献类型 | 期刊论文 |
条目标识符 | https://repository.uic.edu.cn/handle/39GCC9TT/12598 |
专题 | 个人在本单位外知识产出 |
作者单位 | 1.Department of Real Estate,National University of Singapore,Singapore 2.School of Business,University of Connecticut,Storrs,Connecticut,United States |
推荐引用方式 GB/T 7714 | Fan, Gangzhi,Sing, Tien Foo,Ong, Seow Enget al. Governance and optimal financing for asset-backed securitization[J]. Journal of Property Investment & Finance, 2004, 22(5): 414-434. |
APA | Fan, Gangzhi, Sing, Tien Foo, Ong, Seow Eng, & Sirmans, C. F. (2004). Governance and optimal financing for asset-backed securitization. Journal of Property Investment & Finance, 22(5), 414-434. |
MLA | Fan, Gangzhi,et al."Governance and optimal financing for asset-backed securitization". Journal of Property Investment & Finance 22.5(2004): 414-434. |
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