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Agency problems in structured finance : a case study of European CLOs
Keller, Joachim - 2008
This paper is a case study that focuses on possible incentive problems in the management of Collateralized Loan Obligations (CLOs). CLOs are the most important type of special purpose vehicles in the leveraged loan market, and their managers appear to have a considerable impact on performance....
Persistent link: https://www.econbiz.de/10011610165
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Ökonomische Analyse europäischer Bankenregulierung : Verbriefung und Interbankenmarkt im Fokus
Bobek, Andreas; Bohm, Thomas; Neuner, Stefan; Paintner, … - 2011
Die Bankenneuregulierung der Europäische Kommission sieht eine Beschränkung der Kreditvergabe im Interbankenmarkt auf 25 % des Eigenkapitals sowie einen Selbsteinbehalt des Originators in Höhe von 5 % am gesamten zu verbriefenden Forderungsportfolio vor. Eine starre Regulierung führt aber...
Persistent link: https://www.econbiz.de/10009413577
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Agency Problems in Structured Finance - A Case Study of European CLOs
Keller, Joachim - 2008
This paper is a case study that focuses on possible incentive problems in the management of Collateralized Loan Obligations (CLOs). CLOs are the most important type of special purpose vehicles in the leveraged loan market, and their managers appear to have a considerable impact on performance....
Persistent link: https://www.econbiz.de/10014215278
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Off-Balance Sheet Activity Under Adverse Selection : The European Experience
Duran, Miguel A. - 2012
The share of off-balance sheet activity (OBSa) in the future of banking business has been questioned by the use of low-quality assets in this activity. Nevertheless, this paper puts forward the adverse selection hypothesis, which counter argues that more stable banks engage in OBSa to a larger...
Persistent link: https://www.econbiz.de/10013116416
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Not on the Same Page - (Text-)Complexity in European Securitizations
Hibbeln, Martin Thomas; Metzler, Ralf; Osterkamp, Werner - 2022
low securitization quality. When measuring securitization complexity with traditionally used proxies, we find no worse … performance of more complex MBS. However, we provide evidence that originators attempt to hide low securitization quality …
Persistent link: https://www.econbiz.de/10013403286
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Bankers' Versus Workers' Europe (I) : Asymmetric Information in Emu
Bottazzi, Laura; Manasse, Paolo - 1998
The delegation of monetary policy to a supranational central bank creates a conflict of interest between residents of different countries. For example, the country in recession may favor more inflation to boost output, while the country in boom prefers exactly the opposite. This conflict gives...
Persistent link: https://www.econbiz.de/10014050611
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Bank risk-taking, securitization, supervision and low interest rates: Evidence from the euro area and the U.S. lending standards
Maddaloni, Angela; Peydró, José-Luis - 2010
securitization activity, weak supervision for bank capital and too low for too long monetary policy rates. Conversely, low long …
Persistent link: https://www.econbiz.de/10011605294
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Structured finance influence on financial market stability: Evaluation of current regulatory developments
Schütz, Sebastian A. - 2010
theoretical models and a survey of institutions involved in securitization. With the conclusions of this analysis we evaluate the …
Persistent link: https://www.econbiz.de/10010286569
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Securitization and credit quality
Kara, Alper; Marqués Ibáñez, David; Ongena, Steven - 2017
securitization activity on loans' relative credit quality employing a uniquely detailed dataset from the euro-denominated syndicated … securitization, however, the credit quality of borrowers whose loans are securitized deteriorates by more than those in the control … detailed loan-by-loan information on loan credit quality would be useful to reap out the benefits of securitization. …
Persistent link: https://www.econbiz.de/10011636924
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Tracing European structured finance counterparty networks
Amzallag, Adrien; Blau, Maximilian L. - 2017
Asset-backed securities (ABSs) and covered bonds (CBs) are structured finance instruments that require a range of key services, which may be provided by many firms. However, despite the prevalence of structured finance instruments in Europe, the network between issuers and service providers has...
Persistent link: https://www.econbiz.de/10011745805