No abstract

a b s t r a c tThis paper analyses the reasons why Spanish banks securitised in the period 2000-2007 on such a large scale that Spain has become the European country with the second-largest issuance volume after the UK.The results obtained by applying a logistic regression model to a sample of 408 observations indicate that liquidity and the search for improved performance are the decisive factors in securitisation. We find no evidence to support hypotheses regarding credit risk transfer and regulatory capital arbitrage.Our study also presents a more detailed analysis that differentiates between asset and liability securitisation programmes.

No abstract

Attempts to shed light on strategies and international entry modes of financial services firms, providing a framework of the internationalisation process in one specific industry. This is based upon the analysis of four case studies of Spanish banks entering the Latin American markets at two different stages ± before and after the 1990s ± to see how internationalisation strategies of financial services have evolved over time. Shows that, in accordance with the perceived market risk and the commitment of resources involved, firms may opt to enter a foreign market in a gradual (lineal) process or in a more opportunistic (contingent) way. The foreign direct investment decision vis-a Á-vis the resources and risks involved in the operation has been evolving through time, industry and country of destination.This manuscript has benefited from the helpful comments of two anonymous referees and the Editors. The authors acknowledge the financial support of the Spanish Ministry of Education and Culture, Direccio  n General de Ensen Ä anza Superior, projects PB 97-0084 DGES and PB 97-0089 DGES.

This paper uses a sample of 2,186 credit default swap spreads quoted in the European market during the period [2002][2003][2004][2005][2006][2007][2008][2009] to empirically analyze which model -accounting-or market-based -better explains corporate credit risk. We find little difference in the explanatory power of these two approaches. Our results indicate that a comprehensive model that combines accounting-and market-based variables is the best option to explain the credit risk, suggesting that both types of data are complementary. We also demonstrate that the explanatory power of credit risk models is particularly strong during periods of high uncertainty, such as those experienced in the recent financial crisis. Finally, the comprehensive model continues to produce the best results if the credit rating is used as the proxy for credit risk; however, accounting variables currently appear to have a more important role than market variables in determining corporate credit ratings.