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Handbook of the Economics of Finance, Volume 2A: Corporate by George M. Constantinides, Milton Harris, René M. Stulz

By George M. Constantinides, Milton Harris, René M. Stulz

Within the eleven articles during this first of 2 elements, best students summarize and examine contemporary scholarship in company finance. protecting topics from company taxes to behavioral company finance and econometric concerns, their articles show how specializations resonate with one another and point out most likely instructions for destiny learn. via together with either tested and rising themes, quantity 2 could have an analogous lengthy shelf existence and excessive citations that symbolize quantity 1 (2003).

- provides coherent summaries of significant finance fields, marking very important advances and revisions
- Describes the easiest company finance learn 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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Example text

2% of the total debt raised between 1984 and 1989. 2% over this period. The junk bond market grew from $10 billion in the early 1980s to over $200 billion by the end of the decade (see Taggart (1990)). This growth came at the expense of bank loans. Benveniste, Singh, and Wilhelm (1993) provide evidence that junk bonds and bank loans are substitutes. They examine the abnormal returns to money center banks associated with the SEC’s actions against Drexel and find statistically and economically excess returns associated with these events.

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.

That is, the design of SPVs to have this feature is an important part of the value of securitization. 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.

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