Acharya, Viral V.; Schnabl, Philipp; Suarez, Gustavo - National Bureau of Economic Research (NBER) - 2010
exposure to conduits had lower stock returns at the start of the financial crisis; that during the first year of the crisis …We analyze asset-backed commercial paper conduits which played a central role in the early phase of the financial … crisis of 2007-09. We document that commercial banks set up conduits to securitize assets while insuring the newly …