We consider the role of the nonrecourse financing of securitization by a financial institution (FI). Our model suggests … nonrecourse financing of securitization initially, because the nonrecourse security makes liquidation of the original asset more … of securitization, together with short-term maturity financing, forces the financial system to perform inefficiently in …

, leverage and interest rate risk benefits on their sponsors, resulting in the growth of securitization and the asset …-leveraging and risk-retention problems that flowed through the securitization pipeline and shadow banking system. This article first …

Asset-backed securitization (ABS) may contribute to generating instability in financial markets both through an 'inside … chapter is related to the literature analyzing relations between the financial crisis and asset- backed securitization …

Securitization is considered to be one of the biggest financial innovations of the last century. It is also regarded as … credit markets, aspects of the global securitization market are now struggling to revive. In this paper I discuss the role … that ethics played in securitization prior to the 2008 financial crisis and find that it is not an obvious story of moral …

We analyze the structure and attributes of subprime mortgage-backed securitization deals originated between 1997 and … 2007. Our data set allows us to link loan-level data for over 6.7 million subprime loans to the securitization deals into … which the loans were sold. We show that the securitization process, including the assignment of credit ratings, provided …

This research explores the effects of securitization on the market's perception of banks' risk exposure between 2002 … systematic betas until 2007. We find no evidence of increasing idiosyncratic risk with securitization. We identify significant …