haku: @journal_id 789 / yhteensä: 95
viite: 62 / 95
| Tekijä: | Riddiough, T. |
| Otsikko: | Optimal design and governance of asset-backed securities |
| Lehti: | Journal of Financial Intermediation
1997 : APR, VOL. 6:2, p. 121-152 |
| Asiasana: | SECURITIES FINANCIAL INTERMEDIARIES GOVERNMENT |
| Kieli: | eng |
| Tiivistelmä: | A model of asymmetric asset value information and nonverifiability of liquidation motives is developed to examine the optimal design and governance of asset-backed securities. Because of adverse selection risk, the liquidation option of whole loan sale results in external price discounting of composite cash flows. The alternative liquidation option of senior/subordinated security design is shown to dominate whole loan sale, since cash flow splitting allows the issuer to internalize some or all of the lemons-related liquidation costs. |
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