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Motivations for Securitization: Empirical Evidence from Financial Companies of Korea
DC Field | Value | Language |
---|---|---|
dc.contributor.advisor | 황이석 | - |
dc.contributor.author | 이혜진 | - |
dc.date.accessioned | 2017-07-14T05:09:51Z | - |
dc.date.available | 2017-07-14T05:09:51Z | - |
dc.date.issued | 2014-02 | - |
dc.identifier.other | 000000016652 | - |
dc.identifier.uri | https://hdl.handle.net/10371/124461 | - |
dc.description | 학위논문 (석사)-- 서울대학교 대학원 : 경영학과, 2014. 2. 황이석. | - |
dc.description.abstract | This study investigates the motivations for securitization of banks and specialized credit financial businesses (SCFBs) such as card companies and installment financing companies of Korea. I hypothesize and provide evidence that banks securitize assets, specifically non-performing loans, to increase regulatory capital ratio, while SCFBs securitize assets, specifically assets other than non-performing loans, to raise funds for operating and investing activities. Furthermore, I find that banks with capital management motivation increase securitization transactions near the end of each quarter, while SCFBs with fund raising motivation do not show such seasonality clearly.
This study contributes to the literature by extending the range of study to the securitization of SCFBs and comparing two different industries simultaneously with respect to the motivations. Also, the finding that securitization transactions with capital management motivation increase near the financial reporting date can give implications to regulators and users of financial information. | - |
dc.description.tableofcontents | I. INTRODUCTION 1
II. INSTITUTIONAL BACKGROUND 6 2.1. Structures of Securitization 6 2.2. Accounting standards 10 2.3. Securitization in Korea 12 III. PRIOR LITERATURE AND HYPOTHESES DEVELOPMENT 14 IV. EMPIRICAL MODELS AND VARIABLES 19 V. SAMPLE AND DATA 22 VI. RESULTS 26 6.1. Descriptive Statistics and Univariate Test 26 6.2. Regression Results of Motivations and Asset Types of Securitization 31 6.3. Chi-square Test on Securitization Timing 34 VII. CONCLUSTION 37 Appendix 1 : Introduction of Credit Enhancements in Securitization 39 Appendix 2 : Summary of Accounting Standards Related to Securitization 42 Appendix 3 : Summary of Korean Securitization Market by Periods 45 Appendix 4 : Summary of Laws and Regulations Related to Bank and SCFB 50 Appendix 5 : Examples of Securitization Effect on Regulatory Capital Ratio 53 Appendix 6 : List of Banks and SCFBs Included in Samples 55 REFERENCES 57 | - |
dc.format | application/pdf | - |
dc.format.extent | 893993 bytes | - |
dc.format.medium | application/pdf | - |
dc.language.iso | en | - |
dc.publisher | 서울대학교 대학원 | - |
dc.subject.ddc | 658 | - |
dc.title | Motivations for Securitization: Empirical Evidence from Financial Companies of Korea | - |
dc.type | Thesis | - |
dc.contributor.AlternativeAuthor | Lee, Hye Jin | - |
dc.description.degree | Master | - |
dc.citation.pages | 61 | - |
dc.contributor.affiliation | 경영대학 경영학과 | - |
dc.date.awarded | 2014-02 | - |
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