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Both securitization and remote lending have become much more extensive since the 1970s. We present a tractable theoretical model that links these two trends. DeMarzo and Duffie (Econometrica 1999) study the problem of a bank that wishes to securitize an exogenous portfolio of loans about which...
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We consider a privately informed issuer which holds a portfolio of assets that can be sold to raise cash, where the fractions of assets sold serve as a multidimensional signal. If good news about one asset is good news for the others, then there is a unique equilibrium that satisfies the...
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This paper examines the effect of earnings management on financial leverage and how this relation is influenced by institutional environments by employing a large panel of 25,798 firms across 37 countries spanning the years 1989 to 2009. We find that firms with high earnings management...
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