1、3900 英文单词， 22500 英文字符 ，中文 7200 字 文献出处： Bakoush M, Abouarab R, Wolfe S. Disentangling the Impact of Securitization on Bank ProfitabilityJ. Research in International Business and Finance, 2018. Disentangling the impact of securitization on bank profitability Mohamed Bakoush, Rabab Abouarab, Simon Wolf
2、e ABSTRACT We empirically evaluate the channels through which securitization impacts bank profitability. To this end, we analyze the role played by bank risk, cost of funding, liquidity and regulatory capital in explaining the relationship between securitization and bank profitability. We find that
3、securitization activities tend to boost profitability. We also show that bank risk, cost of funding, liquidity and regulatory capital individually and jointly act as transmission channels in the securitization-profitability relationship. In addition, we break down the securitization effects on bank
4、profitability into direct and indirect effects and identify the contribution of each individual transmission channel in the overall impact on bank profitability. Our findings have several implications for banks, financial markets, and regulators. Keywords: Securitization； Bank profitability； Bank ri
5、sk； Regulatory capital； Liquidity；Cost of funding 1. Introduction Securitization has fundamentally altered the way in which financial intermediation is organized as it has provided banks with various incentives to improve efficiency and performance. The bank may aim to improve its cost of funding (P
6、ennacchi, 1988), to improve its risk management (Cebenoyan and Strahan, 2004), or to improve its profitability (Affinito and Tagliaferri, 2010). Although theory suggests that securitization benefits both issuing banks and investors, empirical evidence does not uniformly support these theoretical conclusions. In addition, securitization was blamed for being a primary cause of the 2008 US mortgage crisis where it acted as the vehicle for the increase in lower-quality subprime debt. In the a
