Higgins, Eric J.; Mason, Joseph R.; Mordel, Adi E. - In: The Journal of Risk Finance 20 (2019) 3, pp. 291-310
Purpose: Both accounting and regulatory treatments classify securitizations as a “sale” of assets, therefore allowing the issuer to remove the assets from their books. The purpose of this paper is to present conjectural evidence of recourse activity and bankruptcy treatment that undermine...