Overcoming stereotypes in leasing

Author:

Gazman V.1

Affiliation:

1. National Research University Higher School of Economics

Abstract

If we want securitization to become one of the main channels to attract funding in leasing activity, as the Bank of Russia predicts, one needs to revise some stereotypes. Relying on foreign and domestic research, the author gives a critical assessment of the postulate of the need for uniformity of securitized assets; proves that real estate, contrary to the traditional approach, rather than equipment and transport, prevails in securitization transactions, and explains why this happens. The article presents a new perspective on the behavior of issu- ers concerning the timing of securities circulation; considers feasibility approach to the calculation of variable character of leverage in leasing; explains pro and contra of evaluating the leasing market based on the volume of the portfolio of contracts; reveals the validity of ratings of bonds issued in the course of secu- ritization of leasing assets.

Publisher

NP Voprosy Ekonomiki

Subject

Economics and Econometrics,Finance

Reference7 articles.

1. Arnold G. (2007). The handbook of corporate finance. Dnepropetrovsk: Balance Business Books. (In Russian).

2. Brigham E., Gapensky L. (2001). Finance management: A complete course in two volumes. St. Petersburg: Ekonomicheskaya Shkola. (In ¬Russian).

3. Bar H. P. (2006). Asset securitisation. Moscow: Walters Kluver. (In Russian).

4. Gazman V. D. (2014). Innovative leasing. Moscow: HSE Publ. (In Russian).

5. Francella G., Mascari G., Nobili A. (2006). Standard & Poor’s - Steadfast performance of Italian lease transactions as real estate continues to dominate. http://www. standardandpoors.com.

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