---
_id: '65685'
abstract:
- lang: eng
  text: Employing a unique hand-collected sample of 881 securitization transactions
    issued by 59 stock-listed banks across the EU-13 plus Switzerland over the period
    from 1997 to 2010, this paper empirically investigates if and how market power
    in the loan and deposit market may influence European banks’ incentives to engage
    in securitization activities. We construct product-specific residual Lerner Indices
    to measure market power in the loan and deposit market separately. Our results
    suggest that banks with higher loan and deposit market power securitize less,
    consistent with a reduced need for risk transfer and a reduced reliance on market-based
    funding. Various sensitivity analyses further show that these relationships vary
    across underlyings, issuance frequencies, and different time stages of securitization
    in Europe. Our findings contribute to the literature by disentangling loan and
    deposit market power as two further distinct determinants of securitization and
    thus, offer important insights regarding the ongoing policy debates on the consolidation
    of European banking markets and the revitalisation of the European securitization
    market.
author:
- first_name: Sarah
  full_name: Herwald, Sarah
  id: '51867'
  last_name: Herwald
- first_name: André
  full_name: Uhde, André
  id: '36049'
  last_name: Uhde
citation:
  ama: Herwald S, Uhde A. <i>Securitization and Market Power – Evidence from European
    Banks</i>.; 2026.
  apa: Herwald, S., &#38; Uhde, A. (2026). <i>Securitization and Market Power – Evidence
    from European Banks</i>.
  bibtex: '@book{Herwald_Uhde_2026, title={Securitization and Market Power – Evidence
    from European Banks}, author={Herwald, Sarah and Uhde, André}, year={2026} }'
  chicago: Herwald, Sarah, and André Uhde. <i>Securitization and Market Power – Evidence
    from European Banks</i>, 2026.
  ieee: S. Herwald and A. Uhde, <i>Securitization and Market Power – Evidence from
    European Banks</i>. 2026.
  mla: Herwald, Sarah, and André Uhde. <i>Securitization and Market Power – Evidence
    from European Banks</i>. 2026.
  short: S. Herwald, A. Uhde, Securitization and Market Power – Evidence from European
    Banks, 2026.
date_created: 2026-05-26T11:29:46Z
date_updated: 2026-05-27T06:50:46Z
ddc:
- '040'
department:
- _id: '19'
file:
- access_level: closed
  content_type: application/pdf
  creator: sherwald
  date_created: 2026-05-26T11:10:31Z
  date_updated: 2026-05-26T11:10:31Z
  file_id: '65688'
  file_name: Herwald und Uhde (2026).pdf
  file_size: 681627
  relation: main_file
  success: 1
file_date_updated: 2026-05-26T11:10:31Z
has_accepted_license: '1'
jel:
- G21
- G28
keyword:
- Securitization
- market power
- European banking
language:
- iso: eng
status: public
title: Securitization and Market Power – Evidence from European Banks
type: working_paper
user_id: '51867'
year: '2026'
...