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...

This paper analyses the effect of an interest rate freeze in subprime mortgages on residential mortgage backed securities (RMBS). In particular we study shifts in the portfolio's repayment distributions as well as changes in the payment profile of RMBS-tranches. We show that the positive effects...

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. We analyse a set of European...

This paper empirically investigates the tranching of European securitizations of corporate loans and bonds. Loans or bonds are pooled together in a portfolio which then is sliced into a First Loss Position and rated bond tranches. The originator tranches so as to minimize the sum of the credit...

Purpose – Transnational entrepreneurship can be considered a new stream of research where migrant entrepreneurship and international business research fields intersect. The purpose of this paper is to offer a theoretical framework to address the following research question: How do...