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Beschreibung
This book offers insights into three different aspects of Collateralized Debt Obligations (CDOs). The first section covers a mechanism that explains the sale of first loss positions to investors. The theoretical model is based on a repeated game and focuses on the role of issuer reputation. The second section empirically analyzes combination notes. These are a particular type of security issued in CDOs, consisting of parts of different tranches of one CDO transaction. The findings show that combination notes are used as an equity transfer vehicle and that their tranching caters to segmented demand. The third section finally analyzes the tranching of CDOs. A transaction cost-based hypothesis of tranching is proposed and verified empirically. / Dissertationsschrift
This book offers insights into three different aspects of Collateralized Debt Obligations (CDOs). The first section covers a mechanism that explains the sale of first loss positions to investors. The theoretical model is based on a repeated game and focuses on the role of issuer reputation. The second section empirically analyzes combination notes. These are a particular type of security issued in CDOs, consisting of parts of different tranches of one CDO transaction. The findings show that combination notes are used as an equity transfer vehicle and that their tranching caters to segmented demand. The third section finally analyzes the tranching of CDOs. A transaction cost-based hypothesis of tranching is proposed and verified empirically. / Dissertationsschrift
Zusammenfassung
The Author: Albert Schaber studied business administration at the Ludwig-Maximilians-University Munich (LMU) with stays abroad at the EMLYON Business School and the University of California at Berkeley. Having completed his studies he joined the Institute of Capital Market Research and Finance at LMU Munich as a research assistant. He currently works as a consultant in the financial services industry.
Inhaltsverzeichnis
Contents: Collateralized Debt Obligation - Collateralized Loan Obligation - Asset Backed Securities - First Loss Piece - First Loss Position - Equity Piece - Combination Notes - Tranching - CDO - CLO - ABS - FLP.
Details
Fachbereich: Betriebswirtschaft
Genre: Wirtschaft
Rubrik: Recht & Wirtschaft
Medium: Taschenbuch
ISBN-13: 9783631587959
ISBN-10: 3631587953
Sprache: Englisch
Herstellernummer: 58795
Autor: Schaber, Albert
Hersteller: Peter Lang
Verantwortliche Person für die EU: Kolibri 360 GmbH, Ettore-Bugatti-Str. 6-14, D-51149 Köln, produktsicherheit@kolibri360.de
Maße: 10 x 148 x 210 mm
Von/Mit: Albert Schaber
Gewicht: 0,24 kg
Artikel-ID: 103802124