Revenge of the Steamroller : ABCP as a Window on Risk Choices

We empirically examine financial institutions' motivations to take systematic bad-tail risk in the form of sponsorship of credit-arbitrage asset-backed commercial paper vehicles. A run on debt issued by such vehicles played a key role in causing and propagating the liquidity crisis that began in the summer of 2007. We find evidence consistent with important roles for both owner-manager agency problems and government-induced distortions, especially government control or ownership of banks

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Year of publication:	2013
Authors:	Arteta, Carlos Ó.
Other Persons:	Carey, Mark (contributor) ; Correa, Ricardo (contributor) ; Kotter, Jason D. (contributor)
Publisher:	[2013]: [S.l.] : SSRN
Subject:	Asset-Backed Securities \| Asset-backed securities \| Bankrisiko \| Bank risk \| Finanzkrise \| Financial crisis \| Herdenverhalten \| Herding \| Systemrisiko \| Systemic risk \| Bankgeschäft \| Banking services

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