-transfer and default probabilities to gauge the severity of informational asymmetries in the loan securitization market. First, the … analysis confirms the presence of information frictions in the SME loan securitisation market. Second, the unconditional …

might be of lower credit quality than -- otherwise similar -- non-securitized loans. We assess the effect of securitization …, at issuance, banks do not select and securitize loans of lower credit quality. Following securitization, however, the …

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. …

We investigate the effect of securitization activity on banks’ lending standards using evidence from pricing behavior … aggressive on their loan pricing practices. This suggests that securitization activity lead to laxer credit standards …. Macroeconomic factors also play a large role explaining the impact of securitization activity on bank lending standards: banks more …