An Investigation of Underwriting Fees for Asset-Backed Securities

2009 ◽  
Author(s):  
Aron A. Gottesman ◽  
David Puskar
Keyword(s):  
Underwriting Fees ◽  
Asset Backed Securities

An Investigation of Underwriting Fees for Asset-Backed Securities

2012 ◽  
Vol 57 (2) ◽  
pp. 216-237
Author(s):  
David Puskar ◽  
Aron A. Gottesman
Keyword(s):  
Underwriting Fees ◽  
Asset Backed Securities

Asset-Backed Securities and Collateralized Debt Obligations

2004 ◽  
Vol 2004 (2) ◽  
pp. 85-97
Author(s):  
Susan Wisialko
Keyword(s):  
Collateralized Debt Obligations ◽  
Collateralized Debt ◽  
Asset Backed Securities

A Global Perspective on Securitized Debt

2018 ◽  
Author(s):  
Steven L Schwarcz
Keyword(s):  
United States ◽  
Financial Crisis ◽  
Capital Market ◽  
Global Financial Crisis ◽  
The United States ◽  
Global Perspective ◽  
Capital Markets Union ◽  
The Global Financial Crisis ◽  
Asset Backed Securities ◽  
The Eu

Securitisation represents a significant worldwide source of capital market financing. European investors commonly invest in asset-backed securities issued in U.S. securitisation transactions, and vice versa One of the key goals of the European Commission's proposed Capital Markets Union (CMU) is to further facilitate securitisation as a source of capital market financing as a viable alternative to bank-based finance for companies operating in the EU. To that end, this chapter explains securitisation and attempts to put its rise, its decline after the global financial crisis, and its recent CMU-inspired revival into a global perspective. It examines not only securitisation's relationship to the financial crisis but also post-crisis comparative regulatory approaches in the EU and the United States.

scholarly journals Securitisation in South Africa: Historic deficiencies and future outlook

2003 ◽  
Vol 6 (4) ◽  
pp. 744-764 ◽  
Author(s):  
A Saayman ◽  
P Styger
Keyword(s):  
South Africa ◽  
South America ◽  
Structured Finance ◽  
Future Outlook ◽  
Banking Community ◽  
Mortgage Backed Securities ◽  
Asset Backed Securities

While American investors have been able to buy mortgage-backed securities  since the late 1970s and asset-backed securities since the mid-1980s, investors  in South Africa have not become involved in this growing market.  Securitisation also spread to Europe, South America, Asia and Australia during  the 1980s. The first securitisation in South Africa was completed in 1989, but  since then only a few securitised products have been offered to the investment  community. The aim of this article is to investigate the reasons for the lack of  growth in securitisation in South Africa and to determine whether securitisation  will grow to be a significant market in South Africa. The methodology used  includes interviews held with investors, securitisation specialists and other  structured finance specialists from the banking community. Experience from  other countries is noted and included in this article

The direct costs of raising external equity capital for US REIT IPOs

2012 ◽  
Vol 30 (6) ◽  
pp. 538-562
Author(s):  
Ranajit Kumar Bairagi ◽  
William Dimovski
Keyword(s):  
Initial Public Offerings ◽  
Economies Of Scale ◽  
Weighted Average ◽  
Direct Costs ◽  
Equity Capital ◽  
Return Volatility ◽  
Critical Determinant ◽  
Content Type ◽  
Underwriting Fees ◽  
External Equity

PurposeThe purpose of this paper is to investigate the total direct costs of raising external equity capital for US real estate investment trust (REIT) initial public offerings (IPOs).Design/methodology/approachThe study provides recent evidence on total direct costs for a comprehensive dataset of 125 US REIT IPOs from 1996 until June 2010. A multivariate OLS regression is performed to determine significant factors influencing the level of total direct costs and also underwriting fees and non‐underwriting direct expenses.FindingsThe study finds economies of scale in total direct costs, underwriting fees and non‐underwriting expenses. The equally (value) weighted average total direct costs are 8.33 percent (7.52 percent), consisting of 6.49 percent (6.30 percent) underwriting fees and 1.87 percent (1.22 percent) non‐underwriting direct expenses. The study finds a declining trend of total direct costs for post 2000 IPOs which is attributed to the declining trend in both underwriting fees and non‐underwriting direct expenses. Offer size is a critical determinant for both total direct costs and their individual components and inversely affects these costs. The total direct costs are found significantly higher for equity REITs than for mortgage REITs and are also significantly higher for offers listed in New York Stock Exchange (NYSE). Underwriting fees appear to be negatively influenced by the offer price, the number of representative underwriters involved in the issue, industry return volatility and the number of potential specific risk factors but positively influenced by prior quarter industry dividend yield and ownership limit identified in the prospectus. After controlling for time trend, the paper finds REIT IPOs incur higher non‐underwriting direct expenses in response to higher industry return volatility prior to the offer.Originality/valueThis paper adds to the international REIT IPO literature by exploring a number of new influencing factors behind total direct costs, underwriting fees and non‐underwriting direct expenses. The study includes data during the recent GFC period.

Asset Backed Securities (ABS) und ihr Einfluss auf die Entwicklung der Finanzkrise

2009 ◽  
pp. 67-95
Author(s):  
Annika Krassin ◽  
Thi Mai Yen Tran ◽  
Theo Lieven
Keyword(s):  
Asset Backed Securities
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