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Journal Article
Off-balance sheet banking
Working Paper
Managing the risk of loans with basis risk: sell, hedge, or do nothing?
Individual loans contain a bundle of risks including credit risk and interest rate risk. This paper focuses on the general issue of banks? management of these various risks in a model with costly loan monitoring and convex taxes. The results suggest that if the hedge is not subject to basis risk, then hedging dominates a strategy of ?do nothing.? Whether hedging dominates loan sales depends on whether it induces reduced monitoring, the net benefit of monitoring, and the reduced tax burden of eliminating all risk via selling. If the hedge is subject to basis risk, then a ?do nothing? strategy ...
Working Paper
Loan sales: Pacific Rim trade in nontradable assets
An examination of the role of foreign banks in the loan sales market, finding that the motives for loan sales and purchases differ between U.S. and foreign-owned banks and between foreign banks of different regions, which is consistent with foreign banks' using the market for diversification.
Journal Article
Off-balance sheet banking
Conference Paper
Banks and loan sales: evidence of implicit contracts
Conference Paper
Public policy and the evolution of banking markets
Conference Paper
The paradox of loan sales
Conference Paper
Why commercial banks sell loans: an empirical analysis
Conference Paper
The loan asset sales market, what lies ahead?