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| Author: | Langner, S. |
| Title: | Asset Backed Securities |
| Journal: | Schmalenbachs Zeitschrift für Betriebswirtschaftliche Forschung
2003 : NOV, VOL. 54:7, p. 656-673 |
| Index terms: | SECURITIES CREDIT TRANSACTIONAL ANALYSIS MORAL HAZARD |
| Language: | ger |
| Abstract: | This paper describes the structure and elements of an Asset Backed Securities transaction. Emphasis lies on the credit enhancement, rating analysis and monitoring of the transaction. The potential informational problems of adverse selection and moral hazard are solved by a myriad of mechanisms. The author states that the credit enhancement puts the originator at risk and gives him an incentive to service the receivables optimally. The arranger usually guarantees further defaults and thus has an incentive to monitor the originator closely. The paper also provides a substantial list of references on this subject (original in German). |
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