Collateralized Debt Obligations : First Loss Piece Retention, Combination Notes, and Tranching

Name: Collateralized Debt Obligations
Brand: Peter Lang AG
SKU: 9783631587959
Price: 9250 KES
Availability: OutOfStock
ISBN: 9783631587959

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by Albert Schaber

Book Details

Format Paperback / softback

Book Series Europaeische Hochschulschriften / European University Studies / Publications Universitaires Europeennes

ISBN-10 3631587953

ISBN-13 9783631587959

Edition New

Publisher Peter Lang AG

Imprint Peter Lang AG

Country of Manufacture DE

Country of Publication GB

Publication Date Sep 29th, 2009

Print length 180 Pages

Weight 246 grams

Dimensions 15.10 x 21.00 x 1.30 cms

Product Classification: Economic theory & philosophy Economic theory and philosophy Monetary economics Banking Budgeting & financial management Budgeting and financial management

KSh 9,250.00

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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.

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