不良贷款证券化的市场设计原则

IF 1.7 Q3 MANAGEMENT

IIMB Management Review Pub Date : 2022-12-01 DOI:10.1016/j.iimb.2022.12.003

Rohit Prasad , Yogesh B. Mathur

{"title":"不良贷款证券化的市场设计原则","authors":"Rohit Prasad , Yogesh B. Mathur","doi":"10.1016/j.iimb.2022.12.003","DOIUrl":null,"url":null,"abstract":"<div><p>In a world where the problem of NPLs is all but ubiquitous, and success stories of markets of distressed debt are rare, the paper establishes design principles for the creation of such markets. It does so by creating a theoretical model for gains to trade between banks, the sellers of non-performing loans (NPLs), and asset reconstruction companies (ARCs), in a context when buyers can pay using a combination of cash and securities issued against the NPL. The theoretical model is used to generate insights for the Indian case, and a new design for NPL auctions is proposed.</p></div>","PeriodicalId":46337,"journal":{"name":"IIMB Management Review","volume":"34 4","pages":"Pages 392-404"},"PeriodicalIF":1.7000,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S097038962200101X/pdfft?md5=cbb2f07479576c62a273725863975276&pid=1-s2.0-S097038962200101X-main.pdf","citationCount":"1","resultStr":"{\"title\":\"Market design principles for the securitisation of non-performing loans\",\"authors\":\"Rohit Prasad , Yogesh B. Mathur\",\"doi\":\"10.1016/j.iimb.2022.12.003\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><p>In a world where the problem of NPLs is all but ubiquitous, and success stories of markets of distressed debt are rare, the paper establishes design principles for the creation of such markets. It does so by creating a theoretical model for gains to trade between banks, the sellers of non-performing loans (NPLs), and asset reconstruction companies (ARCs), in a context when buyers can pay using a combination of cash and securities issued against the NPL. The theoretical model is used to generate insights for the Indian case, and a new design for NPL auctions is proposed.</p></div>\",\"PeriodicalId\":46337,\"journal\":{\"name\":\"IIMB Management Review\",\"volume\":\"34 4\",\"pages\":\"Pages 392-404\"},\"PeriodicalIF\":1.7000,\"publicationDate\":\"2022-12-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"https://www.sciencedirect.com/science/article/pii/S097038962200101X/pdfft?md5=cbb2f07479576c62a273725863975276&pid=1-s2.0-S097038962200101X-main.pdf\",\"citationCount\":\"1\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"IIMB Management Review\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S097038962200101X\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q3\",\"JCRName\":\"MANAGEMENT\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"IIMB Management Review","FirstCategoryId":"1085","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S097038962200101X","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"MANAGEMENT","Score":null,"Total":0}

引用次数: 1

摘要

在一个不良贷款问题几乎无处不在、不良债务市场的成功案例寥寥无几的世界里，本文确立了创建此类市场的设计原则。它通过创建银行、不良贷款(NPLs)卖方和资产重建公司(arc)之间交易收益的理论模型来实现这一目标，在此背景下，买方可以使用现金和针对不良贷款发行的证券组合支付。该理论模型被用于对印度的案例产生见解，并提出了一种新的不良贷款拍卖设计。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

Market design principles for the securitisation of non-performing loans

In a world where the problem of NPLs is all but ubiquitous, and success stories of markets of distressed debt are rare, the paper establishes design principles for the creation of such markets. It does so by creating a theoretical model for gains to trade between banks, the sellers of non-performing loans (NPLs), and asset reconstruction companies (ARCs), in a context when buyers can pay using a combination of cash and securities issued against the NPL. The theoretical model is used to generate insights for the Indian case, and a new design for NPL auctions is proposed.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

IIMB Management Review MANAGEMENT-

CiteScore

3.20

自引率

5.90%

发文量

审稿时长

68 days

期刊介绍： IIMB Management Review (IMR) is a quarterly journal brought out by the Indian Institute of Management Bangalore. Addressed to management practitioners, researchers and academics, IMR aims to engage rigorously with practices, concepts and ideas in the field of management, with an emphasis on providing managerial insights, in a reader friendly format. To this end IMR invites manuscripts that provide novel managerial insights in any of the core business functions. The manuscript should be rigorous, that is, the findings should be supported by either empirical data or a well-justified theoretical model, and well written. While these two requirements are necessary for acceptance, they do not guarantee acceptance. The sole criterion for publication is contribution to the extant management literature.Although all manuscripts are welcome, our special emphasis is on papers that focus on emerging economies throughout the world. Such papers may either improve our understanding of markets in such economies through novel analyses or build models by taking into account the special characteristics of such economies to provide guidance to managers.