Securitization, Credit Rating and Issuers’ Characteristics

Given the growth of securitization through Credit Receivables Investment Funds (Fundos de Investimento em Direitos Creditórios - FIDCs) in Brazil in recent years, this work aims to investigate empirically the relationship between securitization and credit rating in the Brazilian market. All issues o...

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Autores principales:	Mauricio Palmada Fernandes, Hsia Hua Sheng, Mayra Ivanoff Lora
Formato:	article
Lenguaje:	EN PT
Publicado:	FUCAPE Business School 2014
Materias:	securitization rating implicit contract fidcs spread Business HF5001-6182
Acceso en línea:	https://doaj.org/article/00a968eeab16456d9447cf054919e346
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spelling	oai:doaj.org-article:00a968eeab16456d9447cf054919e3462021-11-11T15:48:06ZSecuritization, Credit Rating and Issuers’ Characteristics1807-734Xhttps://doaj.org/article/00a968eeab16456d9447cf054919e3462014-01-01T00:00:00Zhttp://www.redalyc.org/articulo.oa?id=123032647001https://doaj.org/toc/1807-734XGiven the growth of securitization through Credit Receivables Investment Funds (Fundos de Investimento em Direitos Creditórios - FIDCs) in Brazil in recent years, this work aims to investigate empirically the relationship between securitization and credit rating in the Brazilian market. All issues of FIDCs held by banks and registered in the CVM from 2005 to July 2010 were analyzed. The two hypotheses discussed by Gorton and Souleles (2005) were confirmed to Brazilian financial institutions. There is evidence of an implied contract between the transferor companies and investors in securitizations made via FIDCs. Companies with higher credit risk, worst ratings, tend to securitize more. However no relationship was found between securitization and asset value, amount of loans or capital ratio.Mauricio Palmada FernandesHsia Hua ShengMayra Ivanoff LoraFUCAPE Business Schoolarticlesecuritizationratingimplicit contractfidcsspreadBusinessHF5001-6182ENPTBBR: Brazilian Business Review, Vol 11, Iss 6, Pp 1-21 (2014)
institution	DOAJ
collection	DOAJ
language	EN PT
topic	securitization rating implicit contract fidcs spread Business HF5001-6182
spellingShingle	securitization rating implicit contract fidcs spread Business HF5001-6182 Mauricio Palmada Fernandes Hsia Hua Sheng Mayra Ivanoff Lora Securitization, Credit Rating and Issuers’ Characteristics
description	Given the growth of securitization through Credit Receivables Investment Funds (Fundos de Investimento em Direitos Creditórios - FIDCs) in Brazil in recent years, this work aims to investigate empirically the relationship between securitization and credit rating in the Brazilian market. All issues of FIDCs held by banks and registered in the CVM from 2005 to July 2010 were analyzed. The two hypotheses discussed by Gorton and Souleles (2005) were confirmed to Brazilian financial institutions. There is evidence of an implied contract between the transferor companies and investors in securitizations made via FIDCs. Companies with higher credit risk, worst ratings, tend to securitize more. However no relationship was found between securitization and asset value, amount of loans or capital ratio.
format	article
author	Mauricio Palmada Fernandes Hsia Hua Sheng Mayra Ivanoff Lora
author_facet	Mauricio Palmada Fernandes Hsia Hua Sheng Mayra Ivanoff Lora
author_sort	Mauricio Palmada Fernandes
title	Securitization, Credit Rating and Issuers’ Characteristics
title_short	Securitization, Credit Rating and Issuers’ Characteristics
title_full	Securitization, Credit Rating and Issuers’ Characteristics
title_fullStr	Securitization, Credit Rating and Issuers’ Characteristics
title_full_unstemmed	Securitization, Credit Rating and Issuers’ Characteristics
title_sort	securitization, credit rating and issuers’ characteristics
publisher	FUCAPE Business School
publishDate	2014
url	https://doaj.org/article/00a968eeab16456d9447cf054919e346
work_keys_str_mv	AT mauriciopalmadafernandes securitizationcreditratingandissuerscharacteristics AT hsiahuasheng securitizationcreditratingandissuerscharacteristics AT mayraivanofflora securitizationcreditratingandissuerscharacteristics
_version_	1718433870588674048

Securitization, Credit Rating and Issuers’ Characteristics

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