Loan Sales, Implicit Contracts, and Bank Structure

Joseph Haubrich and James Thomson

Review of Quantitative Finance and Accounting, 1996, vol. 7, issue 2, 137-62

Abstract: We document some recent changes in the market for loan sales. We then test the main implications of several prevailing theories, using a Tobit model to relate loan sales and purchases to bank size, capital, risk, and funding mode. The results, though not definitive, broadly confirm the Pennacchi funding cost model of sales. Other data cast doubt on the importance of mergers and acquisitions for this market and on the comparability of different data sources. Copyright 1996 by Kluwer Academic Publishers

Date: 1996
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Working Paper: Loan sales, implicit contracts, and bank structure (1993)
Working Paper: Loan sales, implicit contracts, and bank structure (1993)
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