Corporate income taxation, by affecting the after-tax cost of funding, has implications for a bank's incentive to securitize. Using a sample of OECD banks over the period 1999-2006, we find that corporate income taxation led to more securitization at banks that are constrained in funding...

The literature on China indicates that the concentration of economic activities in China is less than in other industrialized countries. Institutional limits are largely held responsible for this finding (e.g. the Hukou system); firms and workers are not able to take full advantage of the...

This study examines the relationship between securitization and loan performance using proprietary loan-level data from a Chinese bank. Securitized loans exhibit lower ex-post default rates and prepayment chances compared to the loans retained on the bank's balance sheet, suggesting no adverse...