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Cited by 227

The DOI matches its Crossref record; 4 of the 4 references it cites were found in a registry or an index.

Banks and Loan Sales: Marketing Non-Marketable Assets

Open access
Gorton, Gary, Pennacchi, George·1990·National Bureau of Economic Research
DOI 10.3386/w3551
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Abstract

A defining characteristic of bank loans is that they are not resold once created.Yet, in 1989 about $240 billion of commercial and industrial loans were sold, compared to trivial amounts five years earlier.Selling loans without explicit guarantee or recourse is inconsistent with theories of the existence of financial intermediation.What has changed to make bank loans marketable?In this paper we test for the presence of implicit contractual features of bank loan sales contracts that could explain this inconsistency.In addition, the effect of technological progress on the reduction of information asymmetries between loan buyers and loan sellers is considered.The paper tests for the presence of these features and effects using a sample of over 800 recent loan sales.

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Metadata

Authors
Gorton, G., & Pennacchi, G.
Venue
National Bureau of Economic Research
Publisher
National Bureau of Economic Research
Published
1990-12
DOI
10.3386/w3551
OpenAlex
W2127094687
Cited by
227
References
4
Type
report
Language
en
Open access
green

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CoChat. (2026). Citation check: Banks and Loan Sales: Marketing Non-Marketable Assets. https://app.cochat.ai/papers/10.3386/w3551
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Gorton, G., & Pennacchi, G. (1990). Banks and Loan Sales: Marketing Non-Marketable Assets. National Bureau of Economic Research. https://doi.org/10.3386/w3551

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