Econ Papers Daily / 期刊论文
竞争性债权人索赔与贷款可回收性：来自反重定性法律的证据
Competing creditor claims and loan recoverability: evidence from anti-recharacterization laws
摘要
Anti-recharacterization laws significantly increase the rights of securitization creditors by allowing the buyers of securitized assets to exclusively and immediately seize collateral in bankruptcy. However, strengthening the rights of securitization creditors can limit other creditors’ ability to recover loans. We find that, after a state adopts an anti-recharacterization law, local banks operating in the same state accrue more loan loss provisions, tighten their loan contracts, and incur higher future loan charge-offs. These findings are consistent with the argument that a safe harbor for securitization transactions advantages Wall Street-style structured finance at the expense of Main Street-style lending.
中文摘要
反再定性法律通过允许证券化资产的买方在破产中独占并立即取得抵押品，显著增强了证券化债权人的权利。然而，强化证券化债权人的权利可能会限制其他债权人收回贷款的能力。我们发现，在某一州采纳反再定性法律后，该州运营的本地银行计提了更多的贷款损失准备金，收紧了贷款合同，并面临更高的未来贷款核销。这些发现与以下论点一致：证券化交易的安全港规则有利于华尔街式结构化融资，却以牺牲主街式贷款为代价。