RT Journal Article
T1 Securitization in Spain and the wealth effect for shareholders
A1 López Penabad, Celia
A1 López Andión, María del Carmen
A1 Iglesias Casal, Ana
A1 Maside Sanfiz, José Manuel
K1 Wealth effect
K1 Event study
K1 Securitization
K1 Banking
AB This paper examines the relationship between securitization, the issuing bank's overall exposure to risk and the response of the shareholder. Spanish securitization transactions are analyzed using event study methodology which reveals that securitization drains banks' wealth, was most pernicious immediately prior to the subprime crisis and affects small and medium-sized banks most with respect to mortgage collateral transactions. The indirect effect of securitization on originator risk does not affect share value, while the direct effect gives a positive relationship. This effect becomes non-significant in the years prior to the crisis and the shareholders no longer perceive this risk transfer
PB Elsevier
SN 1059-0560
YR 2014
FD 2014-12-15
LK http://hdl.handle.net/10347/16689
UL http://hdl.handle.net/10347/16689
LA eng
NO López-Penabad, M., López-Andión, C., Iglesias-Casal, A., & Maside-Sanfiz, J. (2015). Securitization in Spain and the wealth effect for shareholders. International Review Of Economics & Finance, 37, 308-323. http://dx.doi.org/10.1016/j.iref.2014.12.003
NO This is an accepted manuscript of the article: López-Penabad, M., López-Andión, C., Iglesias-Casal, A., & Maside-Sanfiz, J. (2015). Securitization in Spain and the wealth effect for shareholders. International Review Of Economics & Finance, 37, 308-323. http://dx.doi.org/10.1016/j.iref.2014.12.003. © 2015. This manuscript version is made available under the CC-BY-NC-ND 4.0 license http://creativecommons.org/licenses/by-nc-nd/4.0/
DS Minerva
RD 24 abr 2026