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banks in each Europe, Germany and USA between 1994-2009. We identified different main reasons for the banks in each region …
Persistent link: https://www.econbiz.de/10008907723
Persistent link: https://www.econbiz.de/10003822863
The United States and the European Union (“EU”) are at the forefront of financial market re‐regulation in the wake of … of a comprehensive, yet fairly disjointed, re-regulation of domestic and international financial markets, including … evident in the primary areas of securitization regulation thus far, the so‐called “skin in the game” regulations and …
Persistent link: https://www.econbiz.de/10012971090
"To understand the 2008 financial crisis, Neil Fligstein looks to the business models of the big US banks. He shows how firms got hooked on mortgages-originating them, securitizing them, selling those securities, and even buying the same securities. In time their addiction nearly collapsed the...
Persistent link: https://www.econbiz.de/10012395078
To understand the 2008 financial crisis, Neil Fligstein looks to the business models of the big US banks. He shows how firms got hooked on mortgages--originating them, securitizing them, selling those securities, and even buying the same securities. In time their addiction nearly collapsed the...
Persistent link: https://www.econbiz.de/10012585108
This paper applies the theory of structured finance to the regulation of asset backed securities. We find the current … regulation in Europe (Article 405 of the CRR) and the US (Section D of Dodd-Frank Act) to be severely flawed with respect to its …
Persistent link: https://www.econbiz.de/10011593319
Asset-backed securities (ABSs) and covered bonds (CBs) are structured finance instruments that require a range of key services, which may be provided by many firms. However, despite the prevalence of structured finance instruments in Europe, the network between issuers and service providers has...
Persistent link: https://www.econbiz.de/10011745805
We examine rating behaviour after the introduction of new regulations regarding Credit Rating Agencies (CRAs) in the European securitisation market. Employing a large sample of 12,469 ABS tranches issued between 1998 and 2018, we examine the information content of yield spreads of ABS at the...
Persistent link: https://www.econbiz.de/10014507193
Persistent link: https://www.econbiz.de/10003786301
It is widely believed that the practice of securitization is one of the causes that led to the 2007-08 financial crisis. In this paper, I show that securitized products such as collateralized debt obligations (CDO) are particularly vulnerable to systematic risk and tend to show higher tail risk....
Persistent link: https://www.econbiz.de/10003983112