Securitization and Bank Performance
使用美国商业银行危机前数据，通过倾向得分匹配分析证券化是否改善银行绩效，发现证券化银行盈利更高但风险也更高，且证券化对绩效无显著影响。
Using predominantly precrisis U.S. commercial bank data, this paper employs a propensity score matching approach to analyze whether individual banks did improve their performance through securitization. On average, our results show that securitizing banks tend to be more profitable institutions, with higher credit risk exposure. Despite a more diversified funding structure, they face higher funding costs. We also find that securitizing banks tend to hold larger and less diversified loan portfolios, have less liquidity, and hold less capital. However, our analysis does not provide evidence to suggest that securitization had an impact upon bank performance.