دانلود مقاله ISI انگلیسی شماره 50252
عنوان فارسی مقاله

اوراق بهادار بدون کژ گزینی: مورد CLO

کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
50252 2012 23 صفحه PDF سفارش دهید محاسبه نشده
خرید مقاله
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عنوان انگلیسی
Securitization without adverse selection: The case of CLOs ☆
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Journal of Financial Economics, Volume 106, Issue 1, October 2012, Pages 91–113

کلمات کلیدی
مالی سازمان یافته - تعهدات وام وثیقه - CDO ها - وام های سندیکایی
پیش نمایش مقاله
پیش نمایش مقاله اوراق بهادار بدون کژ گزینی: مورد CLO

چکیده انگلیسی

In this paper, we investigate whether securitization was associated with risky lending in the corporate loan market by examining the performance of individual loans held by collateralized loan obligations. We employ two different data sets that identify loan holdings for a large set of CLOs and find that adverse selection problems in corporate loan securitizations are less severe than commonly believed. Using a battery of performance tests, we find that loans securitized before 2005 performed no worse than comparable unsecuritized loans originated by the same bank. Even loans originated by the bank that acts as the CLO underwriter do not show under-performance relative to the rest of the CLO portfolio. While some evidence exists of under-performance for securitized loans originated between 2005 and 2007, it is not consistent across samples, performance measures, and horizons. Overall, we argue that the securitization of corporate loans is fundamentally different from securitization of other assets classes because securitized loans are fractions of syndicated loans. Therefore, mechanisms used to align incentives in a lending syndicate are likely to reduce adverse selection in the choice of CLO collateral.

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