Rösch, Daniel; Scheule, Harald - In: Journal of Banking & Finance 36 (2012) 3, pp. 733-748
. The empirical analysis is based on US securitization rating and impairment data. The paper finds that regulatory capital … Crisis. In addition, the rating process of securitizations provides capital arbitrage incentives for financial institutions … rating agencies are correct and can be used to build a test for the ability of Basel capital regulations to cover downturn …