Nadauld, Taylor D.; Sherlund, Shane M. - In: Journal of Financial Economics 107 (2013) 2, pp. 454-476
This paper investigates the relationship between securitization activity and the extension of subprime credit. The analysis is motivated by two sets of compelling empirical facts. First, the origination of subprime mortgages exploded between the years 2003 and 2005. Second, the securitization of...