Default Risk Sharing Between Banks and Markets: The Contribution of Collateralized Debt Obligations
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This paper contributes to the economics of financial institutions risk management by exploring how loan securitization affects their default risk, their systematic risk, and their stock prices. In a typical CDO transaction a bank retains through a first loss piece a very high proportion of the
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美国国家经济研究局创建时间：
2005-11-01
