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Manager- und transaktionsspezifische Determinanten der Performance von Arbitrage CLOs
Scholz, Julia - 2011
Der vorliegende Beitrag untersucht die Determinanten der Performance europäischer Arbitrage Collateralized Loan … Eigenschaften des CLO-Managers und der Transaktionscharakteristika als mögliche Einflussfaktoren der Rating Performance. Es wird … gezeigt, dass Transaktionen, bei denen dem CLO-Manager eine Incentive Management Fee gewährt wird, mit einer höheren …
Persistent link: https://www.econbiz.de/10008903410
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Information asymmetries and securitization design
Franke, Günter; Herrmann, Markus; Weber, Thomas - 2007
The strong growth in collateralized debt obligation transactions raises the question how these transactions are designed. The originator designs the transaction so as to maximize her benefit subject to requirements imposed by investors and rating agencies. An important issue in these...
Persistent link: https://www.econbiz.de/10010267233
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Securitisation of mezzanine capital in Germany
Franke, Günter; Hein, Julia - 2007
A recent trend in the German Asset Backed Securities (ABS) market is the securitisation of subordinated loans and profit participation agreements (PPAs) granted to medium-sized enterprises (MEs). This paper provides an overview of this growing market and analyses the benefits of such...
Persistent link: https://www.econbiz.de/10003876690
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Information asymmetries and securitization design
Franke, Günter; Herrmann, Markus; Weber, Thomas - 2007
of the lowest rated tranche. -- Securitization ; collateralized debt obligations ; asset pool quality ; First Loss …
Persistent link: https://www.econbiz.de/10003876706
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Dodd-Frank, Securitization, and the Subprime Mortgage Crisis
Hoffman, Stephen P. - 2013
mortgages. Then, I analyze the process of securitization, as used in corporate finance to raise funding, and explain how these …
Persistent link: https://www.econbiz.de/10013090228
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Asset Securitization Sukuk and Islamic Capital Markets : Structural Issues in These Formative Years
McMillen, Michael J. T. - 2013
After introducing some fundamental concepts of relevance to Islamic finance, this article describes investment funds used to make investments in the United States, lease (ijara) investment structures used for real estate investments in different jurisdictions (including the early development of...
Persistent link: https://www.econbiz.de/10013080821
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Structured finance and the financial turmoil of 2007-2008: and introductory overview
Criado, Sarai; Rixtel, Adrian van - Banco de España - 2008
This paper provides an overview of the most important structured finance instruments in the context of the development of the financial turmoil that started in the third quarter of 2007 and continued into 2008. These financial market tensions were triggered by concerns about exposures of...
Persistent link: https://www.econbiz.de/10005022306
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Information asymmetries and securitization design
Franke, Günter; Herrmann, Markus; Weber, Thomas - Zentrum für Finanzen und Ökonometrie, Fachbereich … - 2007
The strong growth in collateralized debt obligation transactions raises the question how these transactions are designed. The originator designs the transaction so as to maximize her benefit subject to requirements imposed by investors and rating agencies. An important issue in these...
Persistent link: https://www.econbiz.de/10005357880
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Loss Allocation in Securitization Transactions
Franke, Günter; Herrmann, Markus; Weber, Thomas - Fachbereich Wirtschaftswissenschaften, Universität Konstanz - 2011
This paper analyses the loss allocation to First, Second and Third Loss Positions in European collateralized debt obligation transactions. The quality of the underlying asset pool plays a predominant role for the loss allocation. A lower asset pool quality induces the originator to take a higher...
Persistent link: https://www.econbiz.de/10009643953
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Arbitraging the Basel securitization framework : evidence from German ABS investment
Efing, Matthias - 2015
This paper provides evidence for regulatory arbitrage within the class of assetbacked securities (ABS) based on …
Persistent link: https://www.econbiz.de/10011391709