Does Loan Securitization Expose Borrowers to Non-Bank Investor Shocks?—Evidence from Insurers
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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
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美国国家经济研究局创建时间：
2025-02-01
