Asset-Backed Securities: Costs and Benefits of “Bankruptcy Remoteness”
研究了资产支持证券的破产隔离特性如何保护贷款人免受稀释，并分析其对投资决策效率的影响，通过LTV钢铁破产案例验证模型预测。
This article focuses on a key property of asset-backed securities (ABS); namely, that ABS are designed to achieve "bankruptcy remoteness" of securitized assets from the borrowing firm. This provides lenders with protection from dilution that is not available with contracts such as secured debt. ABS allows firms to commit to more efficient investment decisions in bankruptcy. Securitization of replaceable assets (such as receivables) prevents inefficient continuation, but securitization of necessary assets can produce ex-post inefficiency, which favors secured debt. We test a prediction of our model using the LTV Steel bankruptcy, in which bankruptcy remoteness was successfully challenged. We find that ABS spreads for Chapter 11--eligible securitizers increased significantly more than spreads for Chapter 11--ineligible securitizers following LTV. The Author 2011. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved. For Permissions, please e-mail: journals.permissions@oxfordjournals.org., Oxford University Press.