Complex Securities and Underwriter Reputation: Do Reputable Underwriters Produce Better Securities?

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Complex Securities and Underwriter Reputation: Do Reputable Underwriters Produce Better Securities?

Lowery, Richard - ; Griffin, John - ; Saretto, Alessio - ;

Conventional wisdom suggests that high-reputation banks will generally produce good securities to maintain their long-run reputation. We show with a simple model that when securities are complex a high-reputation bank may produce assets that underperform during market downturns. We examine this possibility using a unique sample of 10.1 trillion dollars of CLO, MBS, ABS, and CDOs. Contrary to the conventional view, securities issued by more reputable banks did not outperform but, rather, had higher proportions of capital in default..Printed Journal

Ketersediaan

Call Number	Location	Available
RFS2710	PSB lt.dasar - Pascasarjana	1

Penerbit	Oxford Oxford University Press.,
Edisi	-
Subjek	Reputation complex securities CDO ABS MBS CLO
ISBN/ISSN	8939454
Klasifikasi	-
Deskripsi Fisik	-
Info Detail Spesifik	-
Other Version/Related	Tidak tersedia versi lain
Lampiran Berkas	Tidak Ada Data