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dc.contributor.authorMacDonald, Kirsten
dc.contributor.editorR. Faff
dc.date.accessioned2017-05-03T15:43:50Z
dc.date.available2017-05-03T15:43:50Z
dc.date.issued2009
dc.date.modified2013-06-21T03:06:30Z
dc.identifier.urihttp://hdl.handle.net/10072/40275
dc.description.abstractCurrent explanations for securitisation rely predominantly on empirical logistic regression models. Quantitative models predicting the likelihood of securitisation do not consider all of the factors that influence the securitisation decision. In combination with conflicting extant literature and a lack of industry evidence, the answer to why some firms securitise and others do not is incomplete. This study examines how New Zealand (NZ) non-bank financial institutions (NBFIs) make the decision to adopt and use securitisation and how that compares to extant theory. The background theory of capital structure is alone unable to address the research question, therefore a multidisciplinary framework is used to determine what could contribute to an understanding of the decision to adopt and use securitisation. Four case studies are carried out in NZ NBFIs and the findings are compared to literature from Finance, Decision Research, Psychology, and their related sub-disciplines. This research highlights the usefulness of a multidisciplinary approach to examining corporate finance decisions and the complementary nature of quantitative and qualitative models. Firm and region-specific information improves understanding of the securitisation decision at the micro level in areas previously unexplained by macro level theory. While NZ NBFIs make the decision to adopt and use securitisation in a manner consistent with aspects of securitisation and capital structure literature, this study provides insights into problems surrounding information availability, the importance of information sources and the reliance firms place on such information, decision-making methods utilised, the factors and process involved in selecting securitisation over alternative financing, and why some characteristics of securitisers in NZ differ from what is expected by quantitative securitisation models. Key Words: Securitisation, Capital Structure, Decision making, Non-Bank Financial Institutions
dc.description.peerreviewedYes
dc.description.publicationstatusYes
dc.format.extent71011 bytes
dc.format.extent268596 bytes
dc.format.mimetypetext/plain
dc.format.mimetypeapplication/pdf
dc.languageEnglish
dc.language.isoen_US
dc.publisherAFAANZ
dc.publisher.placeAustralia
dc.publisher.urihttp://www.afaanz.org/openconf/2009/openconf.php
dc.relation.ispartofstudentpublicationN
dc.relation.ispartofconferencenameThe Accounting and Finance Association of Australia and New Zealand
dc.relation.ispartofconferencetitle2009 AFAANZ Conference Proceedings
dc.relation.ispartofdatefrom2009-07-05
dc.relation.ispartofdateto2009-07-07
dc.relation.ispartoflocationAdelaide, Australia
dc.rights.retentionY
dc.subject.fieldofresearchFinancial Institutions (incl. Banking)
dc.subject.fieldofresearchcode150203
dc.titleAn exploratory study of the adoption and use of securitisation in New Zealand: An interdisciplinary enquiry
dc.typeConference output
dc.type.descriptionE1 - Conferences
dc.type.codeE - Conference Publications
gro.rights.copyright© The Author(s) 2011. The attached file is reproduced here in accordance with the copyright policy of the publisher. For information about this conference please refer to the conference’s website or contact the author.
gro.date.issued2009
gro.hasfulltextFull Text
gro.griffith.authorMacDonald, Kirsten L.


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