securities markets in two key ways. First, it could result in higher correlation of returns and less security-specific price …

This paper investigates the state and process of integration of the European securities market infrastructure. The … finds that, despite the single currency, the euro area securities infrastructure remains highly fragmented and … groups of market infrastructure. Economies of scale and scope and positive network externalities inherent in the securities …

Asset-backed securities represent one of the largest and fastest growing financial markets. Under securitization … a whole loan. We examine how outsourcing impacts performance using data on 357 commercial mortgage-backed securities …, including conflicts between junior and senior securities holders (the asset substitution problem) and risk aversion among …