Asset securitizations and bank stability: Evidence from different banking systems

Global Finance Journal - Tập 51 - Trang 100551 - 2022
Omneya Abdelsalam1,2, Marwa Elnahass3, Habib Ahmed1, Julian Williams1
1Durham University, UK
2Mansoura University, Faculty of commerce, Egypt
3Newcastle University, UK

Tài liệu tham khảo

Aalbers, 2011, Mortgage securitization and the state: ‘Cognitive closure’ in the Netherlands, Environment and Planning A, 43, 1179, 10.1068/a43321 Abdelsalam, 2016, Earnings management behaviors under different monitoring mechanisms: The case of Islamic and conventional banks, Journal of Economic behavior & Organization, 132, 155, 10.1016/j.jebo.2016.04.022 AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions), 2015 Abdel Karim, 2001, International accounting harmonization, banking regulation, and Islamic banks, The International Journal of Accounting, 36, 169, 10.1016/S0020-7063(01)00093-0 Abdel-Khaleq, 2007, New horizons for Islamic securities: Emerging trends in Sukuk offerings, Chicago Journal of Islamic Law, 7 Abedifar, 2013, Risk in Islamic banking, Review of Finance, 17, 2035, 10.1093/rof/rfs041 Acemoglu, 2005, Institutions as a fundamental cause of long-run growth, 385 Affinito, 2010, Why do (or did?) banks securitize their loans? Evidence from Italy, Journal of Financial Stability, 6, 189, 10.1016/j.jfs.2010.01.004 Alasrag Alkhan, 2006 Arellano, 1991, Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations, Review of Economic Studies, 58, 277, 10.2307/2297968 Arellano, 1995, Another look at the instrumental variable estimation of error-components models, Journal of Econometrics, 68, 29, 10.1016/0304-4076(94)01642-D Arif, 2020, Effects of securitization and covered bonds on bank stability, Research in International Business and Finance, 53, 101196, 10.1016/j.ribaf.2020.101196 Ashraf, 2017, Political institutions and bank risk-taking behavior, Journal of Financial Stability, 29, 13, 10.1016/j.jfs.2017.01.004 Ashraf, 2018, Do trade and financial openness matter for financial development? Bank-level evidence from emerging market economies, Research in International Business and Finance, 44, 434, 10.1016/j.ribaf.2017.07.115 Ashraf, 2016, Effects of national culture on bank risk-taking behavior, Research in International Business and Finance, 37, 309, 10.1016/j.ribaf.2016.01.015 Bakoush, 2019, Disentangling the impact of securitization on bank profitability, Research in International Business and Finance, 47, 519, 10.1016/j.ribaf.2018.09.013 Barth, 2012, Asset securitizations and credit risk, The Accounting Review, 87, 423, 10.2308/accr-10194 Bassens, 2013, Securitization across borders: Organizational mimicry in Islamic finance, Journal of Economic Geography, 13, 85, 10.1093/jeg/lbs007 Beck, 2013, Islamic vs. conventional banking: Business model, efficiency and stability, Journal of Banking and Finance, 37, 433, 10.1016/j.jbankfin.2012.09.016 Bitar, 2019, Efficiency in Islamic vs. conventional banking: The role of capital and liquidity, Global Finance Journal, 100487 Blundell, 1998, Initial conditions and moment restrictions in dynamic panel data models, Journal of Econometrics, 87, 115, 10.1016/S0304-4076(98)00009-8 Box, 2005, Islamic finance market turns to securitization, International Financial Law Review, 24, 21 Buch, 2014, Do better capitalized banks lend less? Long-run panel evidence from Germany, International Finance, 17, 1, 10.1111/infi.12041 Calomiris, 2004, Credit card securitization and regulatory arbitrage, Journal of Financial Services Research, 26, 5, 10.1023/B:FINA.0000029655.42748.d1 Campbell, 2011, Securitization markets and central banking: An evaluation of the term asset-backed securities loan facility, Journal of Monetary Economics, 58, 518, 10.1016/j.jmoneco.2011.05.003 Cantor, 2000, Another perspective on risk transference and securitization, Journal of Risk Finance, 1, 37, 10.1108/eb043444 Casu, 2011, Does securitization reduce credit risk taking? Empirical evidence from US bank holding companies, The European Journal of Finance, 17, 769, 10.1080/1351847X.2010.538526 Casu, 2013, Securitization and Bank performance, Journal of Money, Credit and Banking., 45, 1617, 10.1111/jmcb.12064 Cebenoyan, 2004, Risk management, capital structure and lending at banks, Journal of Banking and Finance, 28, 19, 10.1016/S0378-4266(02)00391-6 Chaffai, 2019, Hyperbolic distance function, technical efficiency and stability to shocks: A comparison between Islamic banks and conventional banks in MENA region, Global Finance Journal, 100485 Chen, 2008, Characteristics of securitizations that determine issuers' retention of the risks of the securitized assets, Accounting Review, 83, 1181, 10.2308/accr.2008.83.5.1181 Chen, 2019, Bank management expertise and asset securitization policies, Journal of Banking & Finance, 109, 105667, 10.1016/j.jbankfin.2019.105667 Čihák, 2010, Islamic banks and financial stability: An empirical analysis, Journal of Financial Services Research, 38, 95, 10.1007/s10693-010-0089-0 Dell'Ariccia, 2009, Credit booms and lending standards: Evidence from the subprime mortgage market Demirgüç-Kunt, 1999, Determinants of commercial bank interest margins and profitability: Some international evidence, The World Bank Economic Review, 13, 379, 10.1093/wber/13.2.379 Dionne, 2008, Banks' capital, securitization and credit risk: An empirical evidence for Canada, Insurance and Risk Management, 75, 459 Elamer, 2019, Sharia supervisory boards, governance structures and operational risk disclosures: Evidence from Islamic banks in MENA countries, Global Finance Journal, 100488 Elnahass, 2018, Capital and earnings management: Evidence from alternative banking business models, The International Journal of Accounting, 53, 20, 10.1016/j.intacc.2018.02.002 Elnahass, 2019, Differential market valuations of board busyness across alternative banking models, Review of Quantitative Finance and Accounting, 1 Fang, 2014, Institutional development and bank stability: Evidence from transition countries, Journal of Banking & Finance, 39, 160, 10.1016/j.jbankfin.2013.11.003 Fonseca, 2010, How bank capital buffers vary across countries: The influence of cost of deposits, market power and bank regulation, Journal of Banking & Finance, 34, 892, 10.1016/j.jbankfin.2009.09.020 Franke, 2005, Default risk sharing between banks and markets: The contribution of collateralized debt obligations FRB (Federal Reserve System), 1990 Hasan, 2013, Market discipline during crisis: Evidence from bank depositors in transition countries, Journal of Banking & Finance, 37, 5436, 10.1016/j.jbankfin.2013.06.007 Holmstrom, 2011 Iqbal, 2001, Islamic and conventional banking in the nineties: A comparative study, Islamic Economic Studies, 8, 1 Ivanov, 2020, Does securitization escalate banks' sensitivity to systemic risk?, The Journal of Risk Finance, 21, 10.1108/JRF-12-2018-0184 Jobst, 2007, The economics of Islamic finance and securitization Jobst, 2009, Islamic securitization after the subprime crisis, Journal of Structured Finance, 14, 41, 10.3905/JSF.2009.14.4.041 Johnes, 2014, A comparison of performance of Islamic and conventional banks 2004–2009, Journal of Economic Behavior and Organization, 103, S93, 10.1016/j.jebo.2013.07.016 Keffala, 2020, How using derivative instruments and purposes affects performance of Islamic banks? Evidence from CAMELS approach, Global Finance Journal Keys, 2010, Did securitization lead to lax screening? Evidence from subprime loans Khoutem, 2014, Islamic banks-Sukuk markets relationships and economic development: The case of the Tunisian post-revolution economy, Jnl. of Islamic Accounting and Business Research, 5, 47, 10.1108/JIABR-07-2012-0054 Kiff, 2014, A shot at regulating securitization, Journal of Financial Stability, 10, 32, 10.1016/j.jfs.2013.02.003 Krainer, 2011 Kruiniger, 2008, Maximum likelihood estimation and inference methods for the covariance stationary panel AR(1)/unit root model, Journal of Econometrics, 144, 447, 10.1016/j.jeconom.2008.03.001 Kuran, 2018, Islam and economic performance: Historical and contemporary links, Journal of Economic Literature, 56, 1292, 10.1257/jel.20171243 Leyshon, 2007, The capitalization of almost everything: The future of finance and capitalism, Theory, Culture, and Society, 24, 97, 10.1177/0263276407084699 Loutskina, 2006, Securitization and the declining impact of bank finance on loan supply: Evidence from mortgage acceptance rates Mahajan, 2015, Quantitative easing: A blessing or curse, Advances in Management and Applied Economics, 5, 77 Mian, 2009, The consequences of mortgage credit expansion: Evidence from the 2007 mortgage default crisis Mollah, 2015, Shari'ah supervision, corporate governance and performance: Conventional vs. Islamic banks, Journal of Banking & Finance, 58, 418, 10.1016/j.jbankfin.2015.04.030 Niu, 2006, Are securitizations in substance sales or secured borrowings? Capital-market evidence, Contemporary Accounting Research, 23, 1105, 10.1506/X652-8M45-1702-7424 Obaidullah, 2007, Securitization in Islam, 191 Pagès, 2013, Bank monitoring incentives and optimal ABS, Journal of Financial Intermediation, 22, 30, 10.1016/j.jfi.2012.06.001 Pagès, 2014, A mathematical treatment of bank monitoring incentives, Finance and Stochastics, 18, 39, 10.1007/s00780-013-0202-y Paltrinieria, 2020, Risk-adjusted profitability and stability of Islamic and conventional banks: Does revenue diversification matter?, Global Finance Journal Parashar, 2010, How did Islamic banks do during global financial crisis, Banks and Bank Systems, 5, 54 Pellegrina, 2012, Does capitalization enhance efficient risk undertaking?: A comparison between Islamic and conventional banks, Accounting Research Journal, 25, 185, 10.1108/10309611211290167 Piskorski, 2009, Securitization and distressed loan renegotiation: Evidence from the subprime mortgage crisis, Journal of Financial Economics, 97, 369, 10.1016/j.jfineco.2010.04.003 Rainey, 2011, Why does categorisation of Sukuk structures matter?, ISRA International Journal of Islamic Finance, 3, 113, 10.55188/ijif.v3i2.129 Safari, 2014 Sannikov, 2008, A continuous-time version of the principal-agent problem, Review of Economic Studies, 75, 957, 10.1111/j.1467-937X.2008.00486.x Shin, 2009, Securitization and financial stability, Economic Journal, 119, 309, 10.1111/j.1468-0297.2008.02239.x Srairi, 2009, Cost and profit efficiency of conventional and Islamic banks in GCC countries, Journal of Productivity Analysis, 34, 45, 10.1007/s11123-009-0161-7 Stulz, 2003, Culture, openness, and finance, Journal of Financial Economics, 70, 313, 10.1016/S0304-405X(03)00173-9 Tariq, 2007, Risks of Sukuk structures: Implications for resource mobilization, Thunderbird International Business Review, 49, 203, 10.1002/tie.20140 Taylor, 2009, The financial crisis and the policy responses: An empirical analysis of what went wrong. Proceedings of Bank of Canada conference, Critical Review, 21, 341, 10.1080/08913810902974865 Trinh, 2020, Board busyness, performance and financial stability: Does bank type matter?, The European Journal of Finance, 26, 774, 10.1080/1351847X.2019.1636842 Vermilyea, 2008, Implicit recourse and credit card securitizations: What do fraud losses reveal?, Journal of Banking and Finance, 32, 1198, 10.1016/j.jbankfin.2007.10.004 Wahlen, 1994, The nature of information in commercial bank loan loss disclosures, The Accounting Review, 69, 455