We propose a framework under which one can analyze bank's securitization program in terms of firm value, leverage, and dividend payout. Our contributions are two-fold: (1) we provide an easy-to-use measure to see how the proceeds from asset sales are used, in particular focusing on the bank's...

We investigate the motives and consequences of the consolidation of banks in Japan during the period of fiscal year 1990-2004 using a comprehensive dataset. Our analysis suggests that the government's too-big-to-fail policy played an important role in the mergers and acquisitions (M&As), though...