banks' dependence on individual bank managers as private information in the lending process declines. In this paper we argue … bank managers and shareholders becomes less severe. Consequently, banks' capital structure needs to be less concerned with … marketability of bank assets allows banks to adopt a safer capital structure, the default risk of banks does not necessarily decline. …

This paper empirically analyzes a particular type of notes observed in securitization transactions: combination notes …. Combination notes are formed by combining parts of two or more tranches of securitization transactions, where one part usually …

We address the moral hazard problem of securitization using a principal-agent model where the investor is the principal … and the lender is the agent. Our model considers structured asset-backed securitization with a credit enhancement …

standard banks, funding for a loan made by a dealer bank may come from the bank's own equity or from external sources, such as …The failure and near-collapse of some of the largest dealer banks on Wall Street in 2008 highlighted the profound … complexity of the industry. Dealer banks are financial intermediaries that make markets for many securities and derivatives. Like …

We study the impact of higher capital requirements on banks' decisions to grant collateralized rather than … uncollateralized loans. We exploit the 2011 EBA capital exercise, a quasi-natural experiment that required a number of banks to … lending for the affected banks as secured loans require less regulatory capital. Using a loan-level dataset covering all …

competition on this choice. We find that competing banks use collateral less often than a monopolistic bank because competition … collateralization in a model where banks do not have this superior screening skill. In particular, we study the effect of bank … will intensify if both banks collateralize. Moreover, bank competition is welfare improving if collateralization is rather …