CHEMLA, GILLES; HENNESSY, CHRISTOPHER A. - In: Journal of Finance 69 (2014) 4, pp. 1597-1641
type="main" <title type="main">ABSTRACT</title> <p>What determines securitization levels, and should they be regulated? To address these questions we develop a model where originators can exert unobservable effort to increase expected asset quality, subsequently having private information regarding quality when selling ABS...</p>