Does Loan Securitization Expose Borrowers to Non-Bank Investor Shocks?—Evidence from Insurers
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https://www.nber.org/papers/w33449
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资源简介：
CLOs fund 65% of syndicated loans, theoretically insulating borrowers from bank and idiosyncratic investor shocks. However, concentrated capital and sticky relationships expose firms to idiosyncratic shocks to insurers, the largest CLO investors. We find that: 1) insurers experiencing favorable cash
提供机构：
美国国家经济研究局
创建时间：
2025-02-01
