Asset-backed securities are developed through complex processes such as asset restructuring and credit enhancement.Therefore,the information asymmetry between issuers and investors is greater compared to traditional s...Asset-backed securities are developed through complex processes such as asset restructuring and credit enhancement.Therefore,the information asymmetry between issuers and investors is greater compared to traditional securities,which imposes higher requirements on information disclosure for asset-backed securities.Asset-backed securities have characteristics such as diversified disclosers,differentiated disclosure content,and specialized risk factors.China has already formulated a series of rules and regulations regarding information disclosure of asset-backed securities.It is imperative to develop specialized laws and regulations for asset-backed securities,encompass original equity holders and credit enhancement agencies as information disclosers,incorporate information such as underlying asset details,cash flow projections,and credit ratings and enhancements into the disclosure content,and improve the legal liability rules to effectively address false disclosures.展开更多
Japan experienced serious recession and deflation starting when the bubble economy burst at the beginning of the 1990s. Following a period of unprecedented zero interest rate policy in 1999-2000 intended to boost the ...Japan experienced serious recession and deflation starting when the bubble economy burst at the beginning of the 1990s. Following a period of unprecedented zero interest rate policy in 1999-2000 intended to boost the Japanese economy, the Bank of Japan （BOJ） introduced the quantitative easing policy in March 2001. Under this policy, the BOJ employed purchases of asset-backed securities （ABSs） and commercial paper （CP） as well as government bonds. This article empirically examines the effects on financial markets of the BOJ＇s ABS purchases. Results indicate that ABS purchases effectively influence financial markets. This policy could contribute to the stabilization of financial markets in Japan. Also, such ABS purchases could both increase stock prices and support small and medium-sized enterprises.展开更多
Telecom enterprises are in urgent need of a large amount of funds forupdating networks and expanding market shares, while asset-backed Securitization is the most rapidlyand vigorously growing product of financial inno...Telecom enterprises are in urgent need of a large amount of funds forupdating networks and expanding market shares, while asset-backed Securitization is the most rapidlyand vigorously growing product of financial innovation in the international capital market. Sincetelecom asset is characterized by long recovery period, poor liquidity, high quality and stable cashflow, which are the basic conditions for using asset-backed Securitization to finance, asset-backedSecuritization can be a new financing way for telecom enterprises.展开更多
文摘Asset-backed securities are developed through complex processes such as asset restructuring and credit enhancement.Therefore,the information asymmetry between issuers and investors is greater compared to traditional securities,which imposes higher requirements on information disclosure for asset-backed securities.Asset-backed securities have characteristics such as diversified disclosers,differentiated disclosure content,and specialized risk factors.China has already formulated a series of rules and regulations regarding information disclosure of asset-backed securities.It is imperative to develop specialized laws and regulations for asset-backed securities,encompass original equity holders and credit enhancement agencies as information disclosers,incorporate information such as underlying asset details,cash flow projections,and credit ratings and enhancements into the disclosure content,and improve the legal liability rules to effectively address false disclosures.
文摘Japan experienced serious recession and deflation starting when the bubble economy burst at the beginning of the 1990s. Following a period of unprecedented zero interest rate policy in 1999-2000 intended to boost the Japanese economy, the Bank of Japan （BOJ） introduced the quantitative easing policy in March 2001. Under this policy, the BOJ employed purchases of asset-backed securities （ABSs） and commercial paper （CP） as well as government bonds. This article empirically examines the effects on financial markets of the BOJ＇s ABS purchases. Results indicate that ABS purchases effectively influence financial markets. This policy could contribute to the stabilization of financial markets in Japan. Also, such ABS purchases could both increase stock prices and support small and medium-sized enterprises.
文摘Telecom enterprises are in urgent need of a large amount of funds forupdating networks and expanding market shares, while asset-backed Securitization is the most rapidlyand vigorously growing product of financial innovation in the international capital market. Sincetelecom asset is characterized by long recovery period, poor liquidity, high quality and stable cashflow, which are the basic conditions for using asset-backed Securitization to finance, asset-backedSecuritization can be a new financing way for telecom enterprises.
