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Are universal banks better underwriters?

Focarelli, Dario; Marques-Ibanez, David; Pozzolo, … - 2011

’s restrictions. Securities underwritten by commercial banks’ subsidiaries have a higher probability of default than those … gain market share and/or to the lower initial ability of these banks to correctly evaluate default risk …

Persistent link: https://www.econbiz.de/10009640613

Are universal banks better underwriters? : evidence from the last days of the Glass-Steagall Act

Focarelli, Dario; Marqués Ibáñez, David; Pozzolo, … - 2011

's restrictions. Securities underwritten by commercial banks' subsidiaries have a higher probability of default than those … gain market share and/or to the lower initial ability of these banks to correctly evaluate default risk. - Glass …-Steagall Act ; securities underwriting ; default ; investment banking …

Persistent link: https://www.econbiz.de/10008901496

Risk characteristics of covered bonds : monitoring beyond ratings

Grothe, Magdalena; Zeyer, Jana - 2020

This paper proposes a set of indicators relevant for the risk characteristics of covered bonds, as based on granular publicly available transparency data. The indicators capture various aspects of cash flow risks related to the issuer, the cover pool and the payment structure. They offer unified...

Persistent link: https://www.econbiz.de/10012206219

Credit Ratings in Structured Finance and the Role of Systemic Risk

Violi, Roberto - 2011

, CDO, CLO, etc.). I argue that a proper 'dynamic' modeling of systemic risk is crucial for gauging the exposure to default …

Persistent link: https://www.econbiz.de/10013128337

Credit Ratings in Structured Finance and the Role of Systemic Risk

Violi, Roberto - 2011

, CDO, CLO, etc.). I argue that a proper 'dynamic' modeling of systemic risk is crucial for gauging the exposure to default …

Persistent link: https://www.econbiz.de/10013131934

Public guarantees and credit additionality during the Covid-19 pandemic

Cascarino, Giuseppe; Gallo, Raffaele; Palazzo, Francesco; … - 2022

We study the public loan guarantee programs implemented in Italy in the aftermath of the Covid-19 pandemic. Guided by a theoretical model and relying on a unique loan-level dataset covering the period between December 2019 and March 2021, including both guaranteed and non-guaranteed loans, we...

Persistent link: https://www.econbiz.de/10013288934

Do reputable issuers provide better-quality securitizations?

Deku, Solomon Y.; Kara, Alper; Marqués Ibáñez, David - 2019

We examine the link between issuer reputation and mortgage-backed security (MBS) performance using a sample of 4,247 European MBS issued between 1999 and 2007. We measure performance with credit rating downgrades and delinquencies and track their changes over the long term. We find that,...

Persistent link: https://www.econbiz.de/10011975518

Venture Capitalists at Work : What are the Effects on the Firms They Finance?

Bronzini, Raffaello - 2017

Italian startups financed by venture capitalists (VCs) experience a faster growth in size and become more innovative compared with other startups. VC-backed firms also show a much larger increase in equity and a reduction in their leverage. This evidence is obtained by comparing a representative...

Persistent link: https://www.econbiz.de/10012946251

Intensified competition and the impact on credit ratings in the RMBS market

Breemen, Vivian van; Fabozzi, Frank J.; Vink, Dennis - 2022

In this paper, we empirically investigate the impact of intensified competition on rating quality in the credit rating market for residential mortgage-backed securities (RMBS) in the period 2017-2020. We provide evidence that competition between large credit rating agencies (CRAs) (Moody's and...

Persistent link: https://www.econbiz.de/10013329377

Risk retention in the European securitization market : skimmed by the skin-in-the-game methods?

Breemen, Vivian van; Schwarz, Claudia; Vink, Dennis - 2023

We empirically investigated the impact of regulatory risk retention methods on credit ratings and pricing at issuance using a sample of European securitization tranches issued in the period 2011-2021. European regulation is based on the assumption that all risk retention methods homogenously...

Persistent link: https://www.econbiz.de/10014362634

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