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  1. Better be careful
    the replenishment of ABS backed by SME loans
    Autor*in: Fenner, Arved; Klein, Philipp; Mössinger, Carina
    Erschienen: [2021]
    Verlag:  Deutsche Bundesbank, Frankfurt am Main

    We investigate the replenishment of 102 asset-backed securities (ABS) backed by more than 1.7 million small- and medium-sized enterprise loans. Based on our extensive data set from 2012 to 2017 obtained from the first and only central loan-level... mehr

    Zugang:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Standort:
    Leibniz-Institut für Wirtschaftsforschung Halle, Bibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 12
    Fernleihe:
    keine Fernleihe

     

    We investigate the replenishment of 102 asset-backed securities (ABS) backed by more than 1.7 million small- and medium-sized enterprise loans. Based on our extensive data set from 2012 to 2017 obtained from the first and only central loan-level repository for ABS in Europe, we reveal that loans added to securitized loan portfolios after the transactions' closing perform worse than loans that are part of the initial portfolio. On average, we find that loans added to securitized loan portfolios demonstrate a 0.42 percentage points higher probability of default. We additionally provide evidence that originators induce these performance differences since they exploit their information advantage by deliberately adding low-quality loans to securitized loan portfolios. This adverse behavior is mitigated by originators' reputation efforts, by increasing transparency in the ABS market, as for example per the European Central Bank's loan-level initiative, and most effectively by their interaction.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9783957298386
    Weitere Identifier:
    hdl: 10419/242122
    Schriftenreihe: Discussion paper / Deutsche Bundesbank ; no 2021, 30
    Schlagworte: ABS; Agency Conflicts; Portfolio Replenishment; Securitization; SME
    Umfang: 1 Online-Ressource (circa 92 Seiten), Illustrationen
  2. Skin-in-the-game in ABS transactions: a critical review of policy options
    Autor*in: Krahnen, Jan Pieter; Wilde, Christian
    Erschienen: 2017
    Verlag:  Universitätsbibliothek Johann Christian Senckenberg, Frankfurt am Main

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  3. Textual disclosure in prospectuses and investors' security pricing
    Autor*in: Debener, Jörn; Fenner, Arved; Klein, Philipp; Ongena, Steven
    Erschienen: [2023]
    Verlag:  Swiss Finance Institute, Geneva

    Zugang:
    Resolving-System (kostenfrei)

    Standort:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    Keine Rechte
    Fernleihe:
    keine Fernleihe
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    Schriftenreihe: Swiss Finance Institute research paper series ; no 23, 93
    Schlagworte: Textual Disclosure; Prospectuses; ABS; Textual Analysis
    Umfang: 1 Online-Ressource (circa 88 Seiten), Illustrationen