Open AccessPosted Content
The Alchemy of Asset Securitization
Reads0
Chats0
TLDR
In this article, the authors explain asset securitization and show how companies can use it to gain direct and indirect benefits, and demonstrate that Securitisation can enable certain companies to achieve a genuine reduction in financing costs by providing access to lower cost capital market funding.Abstract:
This article explains asset securitization and shows how companies can use it to gain direct and indirect benefits. More importantly, this article demonstrates that securitization can enable certain companies to achieve a genuine reduction in financing costs by providing access to lower cost capital market funding. This article also explores potential innovative uses of this financing technique.read more
Citations
More filters
Posted Content
Secret liens and the financial crisis of 2008
TL;DR: In this paper, the authors argue that legal changes over the last 80 years eroded the doctrine of secret liens, and thereby led to the financial crisis, and that creditors should be compelled to disclose their claims in exchange for payment priority.
Journal ArticleDOI
Asset Securitization and Asymmetric Information
TL;DR: In this article, the authors analyze the incentives for asset securitization that flow from informational asymmetries within a corporation, and they show that the tendency of the market to allocate assets to investors who are best informed about asset values can be explained by asymmetric information between insiders and outside investors about the value of nonsecuritized assets.
Posted Content
Corporate Finance in the Euro Area - Including Background Material
Francesco Drudi,Annalisa Ferrando,Yener Altunbas,Petra Koehler,Philippine Cour-Thimann,Elmar Stoess,Thomas Vlassopoulos,Carmen Martínez-Carrascal,Carmelo Salleo,Romain Perrard,Anssi Rantala,Annie Sauve,Thomas Reininger,Angela Maddaloni,Stefano Borgioli,Franco F. Bevilacqua,David Marques-Ibanez +16 more
TL;DR: In this article, the authors analyse the financial position of non-financial enterprises in the euro area, in particular the amount of external financing, the choice between debt and equity and the composition and maturity structure of debt.
Journal ArticleDOI
Financial engineering, consumer credit, and the stability of effective demand
TL;DR: This paper examined the macroeconomic implications of recent developments in financial engineering, with particular emphasis on the post-1987 growth of markets for securities backed by credit card, installment, student loan, and home equity receivables.
Journal ArticleDOI
Security Design in the Real World: Why are Securitization Issues Tranched?
TL;DR: In this article, the authors provide the first systematic testing of such theories using a proprietary database of over 5000 separate tranches in European securitisations raising a total of $1 trillion and find support for asymmetric information and market segmentation explanations for tranching and present evidence on how such different rationales influence the structuring process in practice.
References
More filters
Posted Content
Secret liens and the financial crisis of 2008
TL;DR: In this paper, the authors argue that legal changes over the last 80 years eroded the doctrine of secret liens, and thereby led to the financial crisis, and that creditors should be compelled to disclose their claims in exchange for payment priority.
Journal ArticleDOI
Asset Securitization and Asymmetric Information
TL;DR: In this article, the authors analyze the incentives for asset securitization that flow from informational asymmetries within a corporation, and they show that the tendency of the market to allocate assets to investors who are best informed about asset values can be explained by asymmetric information between insiders and outside investors about the value of nonsecuritized assets.
Posted Content
Corporate Finance in the Euro Area - Including Background Material
Francesco Drudi,Annalisa Ferrando,Yener Altunbas,Petra Koehler,Philippine Cour-Thimann,Elmar Stoess,Thomas Vlassopoulos,Carmen Martínez-Carrascal,Carmelo Salleo,Romain Perrard,Anssi Rantala,Annie Sauve,Thomas Reininger,Angela Maddaloni,Stefano Borgioli,Franco F. Bevilacqua,David Marques-Ibanez +16 more
TL;DR: In this article, the authors analyse the financial position of non-financial enterprises in the euro area, in particular the amount of external financing, the choice between debt and equity and the composition and maturity structure of debt.
Journal ArticleDOI
Financial engineering, consumer credit, and the stability of effective demand
TL;DR: This paper examined the macroeconomic implications of recent developments in financial engineering, with particular emphasis on the post-1987 growth of markets for securities backed by credit card, installment, student loan, and home equity receivables.
Journal ArticleDOI
Security Design in the Real World: Why are Securitization Issues Tranched?
TL;DR: In this article, the authors provide the first systematic testing of such theories using a proprietary database of over 5000 separate tranches in European securitisations raising a total of $1 trillion and find support for asymmetric information and market segmentation explanations for tranching and present evidence on how such different rationales influence the structuring process in practice.