Finanzintermediäre können eine portfoliotheoretisch motivierte Optimierung ihres Buchkreditportefeuilles nur unter der Bedingung realisieren, dass die Kreditrisiken am Sekundärmarkt handelbar sind. Mit Kreditverkäufen, Kreditverbriefungen und Kreditderivaten haben sich die Möglichkeiten...

Ongoing financial innovation and greater information availability increase the tradability of bank assets and reduce banks' dependence on individual bank managers as private information in the lending process declines. In this paper we argue that this has two effects on banks, with opposing...

Ongoing financial innovation and greater information availability increase the tradability of bank assets and reduce banks' dependence on individual bank managers as private information in the lending process declines. In this paper we argue that this has two effects on banks, with opposing...