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Absolute blockchain strength? Evidence from the ABS market in China
Jing Liu, Ilhyock Shim, Yanfeng Zheng 2023-09-05
Summary
Focus
This paper considers the emerging asset-backed security (ABS) market in China and its rapid adoption of blockchain technology. We investigate whether blockchain adoption improves ABS trading. We also examine if the effect varies across different underlying asset classes or institutional arrangements. Finally, we ask if social factors, such as familiarity among key ABS market participants, may increase the benefit of adopting blockchain in ABS products.
Contribution
Blockchain's potential to improve business operations has been touted by many researchers and practitioners. However, the academic literature has provided little empirical evidence on how financial services may benefit from the new technology. This paper uses data on blockchain-based and traditional ABS deals in China to test if market participants perceive benefits from using blockchain in ABS deals. In doing so, it uses coarsened exact matching to control potential endogeneity and prior shared experience among key ABS parties to measure social embeddedness or interactions.
Findings
We find that adopting blockchain has improved the efficiency and transparency of ABS trading in China. In particular, the cost of ABS issuance has fallen by around 25 basis points. This benefit is larger for ABS based on less standardised and more opaque assets, such as consumer loans or accounts receivable, than for residential mortgage-backed securities. Finally, we find evidence that market participants appreciate the benefit of using blockchain for certain types of ABS deal when key players in the deals are familiar with each other.
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