RT Journal Article
T1 Securitization and financial solvency: empirical evidence from Portugal
A1 López Andión, María del Carmen
A1 Iglesias Casal, Ana
A1 López Penabad, Celia
A1 Maside Sanfiz, José Manuel
K1 Securitization
K1 Z-score
K1 Soundness
K1 Portugal
K1 Financial entities
AB This paper analyses the effect of securitization issues on the solvency of Portuguese financial institutions. For this purpose, we use an unbalanced panel model estimated using GMM methods and find that securitization has a slightly positive impact on the soundness of the issuing entity. We study 35 financial entities and 60 traditional securitizations issued by 9 originators between 2001 and 2013. The analysis reveals that the financial entities’ soundness improved slightly, showing that securitization enhanced the quality of the originators’ portfolios and increased the regulatory capital requirements. We also found that efficiency and profitability improve the risk-adjusted ROAA and that efficiency increases regulatory capital requirements. The robustness analysis confirms the positive effect of securitization on solvency, where both credit quality and liquidity are shown to be significant variables.
PB Taylor & Francis
SN 1351-847X
YR 2018
FD 2018-07-05
LK http://hdl.handle.net/10347/17013
UL http://hdl.handle.net/10347/17013
LA eng
NO Carmen López-Andión, Ana Iglesias-Casal, Maria Celia López-Penabad & Jose Manuel Maside-Sanfiz (2018): Securitization and financial solvency: empirical evidence from Portugal, The European Journal of Finance, DOI: 10.1080/1351847X.2018.1492948
NO This is an Accepted Manuscript of an article published by Taylor & Francis in The European Journal of Finance on 2018, available online: http://www.tandfonline.com/10.1080/1351847X.2018.1492948
DS Minerva
RD 30 abr 2026