Securitization economics: deconstructing the economic foundations of asset securitization
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| Format: | Buch |
| Sprache: | English |
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Springer
[2020]
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| Schriftenreihe: | Springer Texts in Business and Economics
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| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | xx, 478 Seiten Illustrationen |
| ISBN: | 9783030503253 |
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| adam_text | Contents 1 Introduction to the Economicsof Securitization..................................... 1.1 Securitization as an Academic Field ................................................. 1.2 Book Structure....................................................................................... 1.3 Notations................................................................................................ 1.4 Data and Code....................................................................................... References....................................................................................................... 1 1 2 4 5 6 2 Overview ofSecuritization and SecuritizedProducts............................ 2.1 Structured Finance and Securitization ............................................... 2.1.1 Structured Finance................................................................. 2.1.2 Definition of Securitization.................................................... 2.2 Categorization and Identification of Securitized Products.............. 2.2.1 Types of Securitized Products............................................... 2.2.2 Identification of Securitized Products................................... 2.2.3 Ratings and Rating Agencies............................................... 2.2.4 Broad Types of Structured Bonds........................................ 2.3 Securitized Bonds Markets................................................................. 2.3.1 US Overall Debt Market Size............................................... 2.3.2 US Securitized Debt
Markets............................................... 2.3.3 Evolution of US and European Securitized Debt Markets........................................................................... 2.4 Securitized Bonds Trading Mechanics............................................... 2.4.1 Securitized Products Trading on Screens............................ 2.4.2 Offers and Inventory............................................................. 2.4.3 Bid Lists.................................................................................. 2.5 Basics of Securitized Bonds Analysis and Valuations..................... 2.5.1 Simplified Approach: Yield/SpreadAnalysis...................... 2.5.2 Negative Convexity and ConvexityCosts in MBS............. 2.6 Conclusion.............................................................................................. References....................................................................................................... 7 8 8 9 12 12 15 17 18 20 21 21 23 24 25 26 28 29 30 31 33 34 IX
x Contents 3 4 5 Overview of Loan Portfolio Analysis....................................................... 3.1 Loan Characterization............................................................................... 3.1.1 Consumer Versus Corporate Loans...................................... 3.1.2 Broad Loan Types Comparisons........................................... 3.1.3 Loan Metrics............................................................................ 3.2 Representation and Modeling of Loans . . ......................................... 3.2.1 Coiporate Loan Evolution .................................................... 3.2.2 Consumer Loan Evolution.................................................... 3.2.3 Loan Transitions..................................................................... 3.3 Measuring Performance ....................................................................... 3.3.1 Prepayments, Defaults, and Severities................................. 3.3.2 Alternative Performance Measures ...................................... 3.3.3 Drivers of Loan Behavior....................................................... 3.3.4 A Drill Down into US Mortgages........................................ 3.4 Projecting Loan Behavior..................................................................... 3.4.1 Using Transition Matrices....................................................... 3.4.2 Usual Market Practice........................................................... 3.4.3 Some Simplified Representations for Economic
Modeling.................................................................................. 3.5 Conclusion.............................................................................................. References.......................................................................................................... 35 37 37 38 39 45 46 47 50 52 54 56 59 61 73 74 75 Incentives and the Economics of Securitization.......................................... 4.1 Perfect Financing and the Existenceof Securitization....................... 4.2 Optimal Funding.................................................................................. 4.2.1 Securitization and Bankruptcy............................................... 4.2.2 Securitization, Bankruptcy, and Bailout............................... 4.2.3 Securitization, Reg Cap, and Taxes...................................... 4.2.4 Securitization, Leverage, and Liability................................. 4.2.5 Securitization and Asymmetrical Information..................... 4.2.6 Discussion of Optimal Funding Models............................... 4.3 Security Design.................................................................................... 4.3.1 Asymmetrical Information Between tovestors................... 4.3.2 Asymmetrical Information Between Issuers and Investors........................................................................... 4.3.3 Information Sensitivity........................................................... 4.3.4 Discussion of Security Design Models............................... 4.4
Conclusion............................................................................................. References......................................................................................................... 83 85 87 88 95 107 116 120 128 136 138 78 80 81 145 162 179 191 192 Problems with Securitization........................................................................ 195 5.1 Characterizing Some Problems with the Mortgage Crisis.............. 197 5.2 Some Agency Problems in Securitization.......................................... 200
Contents xi 5.2.1 Good and Bad Securitization .............................................. 5.2.2 Securitization Led to Low Screening Efforts..................... 5.2.3 Worsening of Borrowers........................................................ 5.2.4 Cherry-Picking in Securitization.......................................... 5.3 Securitization and Regulatory Arbitrage............................................ 5.3.1 Is Securitization a Reg Cap Arb?....................................... 5.3.2 Empirical Proof of Banks Arbitraging Regulations............ 5.4 Conclusion............................................................................................. References...................................................................................................... 201 207 212 225 228 230 232 235 236 6 Structuring SecuritizedBonds .................................................................. 6.1 Overview................................................................................................ 6.1.1 Underlying Notions in Structuring........................................ 6.1.2 Formal Description of Structuring........................................ 6.1.3 The Optimality of Structures................................................. 6.1.4 Cash Flow Illustrations and Simulations............................ 6.2 Structure Types Descriptions............................................................... 6.2.1 Prorata Structures.................................................................... 6.2.2 Senior/Subordinated
Bonds................................................... 6.2.3 Over-Collateralization and Excess-Spread.......................... 6.2.4 Sequential Structures............................................................. 6.2.5 Planned Amortization Classes and Supports....................... 6.2.6 Shifting Interest...................................................................... 6.2.7 Stripping and Interest Allocation.......................................... 6.2.8 Senior Structural Breakdown............................................... 6.2.9 Other Deal-Level Structural Features................................... 6.2.10 Resecuritizations................................................................... 6.3 Conclusion............................................................................................. References...................................................................................................... 239 240 240 242 244 246 249 251 252 260 281 291 298 305 312 317 320 325 325 7 The Economicsof Securitization Structuring......................................... 7.1 Pooling and Tranching Models.......................................................... 7.1.1 Pooling Without Structuring................................................. 7.1.2 Pooling and Structuring........................................................ 7.1.3 Pooling, Information Destruction,and Structuring............. 7.1.4 No-Arbitrage and Pooling...................................................... 7.1.5 Retention and Tranching ......................................................
7.1.6 Optimal Bidding and Tranching.......................................... 7.2 Interest and Principal Structuring........................................................ 7.2.1 Why Do Investors Want Par Bonds?................................... 7.2.2 Allocation of Interest and Principal..................................... 7.3 Discussion of Pooling and Tranching Models................................... 327 328 329 332 335 346 371 378 390 390 402 422
xii Contents 7.3.1 Explaining Tranching with Market Segmentation and Asymmetric Information ............................................... 423 7.3.2 Optimal Tranching in CLO/CBO Transactions................... 429 7.3.3 Tranching and the Valuation of Structured Products......... 432 7.4 Conclusion............................................................................................. 433 References........................................................................................................ 434 8 9 Problems in Securitization Structuring.................................................... 8.1 Some Fundamental Problems in Structuring...................................... 8.1.1 Optimal Purchase of Low-Quality Products........................ 8.1.2 Useless Structuring................................................................... 8.1.3 Toxic Pooling.......................................................................... 8.2 The Problem of Structural Complexity................................................ 8.2.1 Complexity Hiding Arbitrage and Risk............................... 8.2.2 Complexity and Loan Performance...................................... 8.2.3 Complexity and Bond Performance...................................... 8.3 Ratings and Rating Analysts................................................................ 8.3.1 Relationships, Ratings, and Influence................................. 8.3.2 Rating Analysts and Revolving Doors................................. 8.4
Conclusion.............................................................................................. References....................................................................................................... 437 438 438 443 446 448 448 456 457 463 463 470 474 475 Conclusion of Securitization Economics.................................................. 477
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| adam_txt |
Contents 1 Introduction to the Economicsof Securitization. 1.1 Securitization as an Academic Field . 1.2 Book Structure. 1.3 Notations. 1.4 Data and Code. References. 1 1 2 4 5 6 2 Overview ofSecuritization and SecuritizedProducts. 2.1 Structured Finance and Securitization . 2.1.1 Structured Finance. 2.1.2 Definition of Securitization. 2.2 Categorization and Identification of Securitized Products. 2.2.1 Types of Securitized Products. 2.2.2 Identification of Securitized Products. 2.2.3 Ratings and Rating Agencies. 2.2.4 Broad Types of Structured Bonds. 2.3 Securitized Bonds Markets. 2.3.1 US Overall Debt Market Size. 2.3.2 US Securitized Debt
Markets. 2.3.3 Evolution of US and European Securitized Debt Markets. 2.4 Securitized Bonds Trading Mechanics. 2.4.1 Securitized Products Trading on Screens. 2.4.2 Offers and Inventory. 2.4.3 Bid Lists. 2.5 Basics of Securitized Bonds Analysis and Valuations. 2.5.1 Simplified Approach: Yield/SpreadAnalysis. 2.5.2 Negative Convexity and ConvexityCosts in MBS. 2.6 Conclusion. References. 7 8 8 9 12 12 15 17 18 20 21 21 23 24 25 26 28 29 30 31 33 34 IX
x Contents 3 4 5 Overview of Loan Portfolio Analysis. 3.1 Loan Characterization. 3.1.1 Consumer Versus Corporate Loans. 3.1.2 Broad Loan Types Comparisons. 3.1.3 Loan Metrics. 3.2 Representation and Modeling of Loans . . . 3.2.1 Coiporate Loan Evolution . 3.2.2 Consumer Loan Evolution. 3.2.3 Loan Transitions. 3.3 Measuring Performance . 3.3.1 Prepayments, Defaults, and Severities. 3.3.2 Alternative Performance Measures . 3.3.3 Drivers of Loan Behavior. 3.3.4 A Drill Down into US Mortgages. 3.4 Projecting Loan Behavior. 3.4.1 Using Transition Matrices. 3.4.2 Usual Market Practice. 3.4.3 Some Simplified Representations for Economic
Modeling. 3.5 Conclusion. References. 35 37 37 38 39 45 46 47 50 52 54 56 59 61 73 74 75 Incentives and the Economics of Securitization. 4.1 Perfect Financing and the Existenceof Securitization. 4.2 Optimal Funding. 4.2.1 Securitization and Bankruptcy. 4.2.2 Securitization, Bankruptcy, and Bailout. 4.2.3 Securitization, Reg Cap, and Taxes. 4.2.4 Securitization, Leverage, and Liability. 4.2.5 Securitization and Asymmetrical Information. 4.2.6 Discussion of Optimal Funding Models. 4.3 Security Design. 4.3.1 Asymmetrical Information Between tovestors. 4.3.2 Asymmetrical Information Between Issuers and Investors. 4.3.3 Information Sensitivity. 4.3.4 Discussion of Security Design Models. 4.4
Conclusion. References. 83 85 87 88 95 107 116 120 128 136 138 78 80 81 145 162 179 191 192 Problems with Securitization. 195 5.1 Characterizing Some Problems with the Mortgage Crisis. 197 5.2 Some Agency Problems in Securitization. 200
Contents xi 5.2.1 Good and Bad Securitization . 5.2.2 Securitization Led to Low Screening Efforts. 5.2.3 Worsening of Borrowers. 5.2.4 Cherry-Picking in Securitization. 5.3 Securitization and Regulatory Arbitrage. 5.3.1 Is Securitization a Reg Cap Arb?. 5.3.2 Empirical Proof of Banks Arbitraging Regulations. 5.4 Conclusion. References. 201 207 212 225 228 230 232 235 236 6 Structuring SecuritizedBonds . 6.1 Overview. 6.1.1 Underlying Notions in Structuring. 6.1.2 Formal Description of Structuring. 6.1.3 The Optimality of Structures. 6.1.4 Cash Flow Illustrations and Simulations. 6.2 Structure Types Descriptions. 6.2.1 Prorata Structures. 6.2.2 Senior/Subordinated
Bonds. 6.2.3 Over-Collateralization and Excess-Spread. 6.2.4 Sequential Structures. 6.2.5 Planned Amortization Classes and Supports. 6.2.6 Shifting Interest. 6.2.7 Stripping and Interest Allocation. 6.2.8 Senior Structural Breakdown. 6.2.9 Other Deal-Level Structural Features. 6.2.10 Resecuritizations. 6.3 Conclusion. References. 239 240 240 242 244 246 249 251 252 260 281 291 298 305 312 317 320 325 325 7 The Economicsof Securitization Structuring. 7.1 Pooling and Tranching Models. 7.1.1 Pooling Without Structuring. 7.1.2 Pooling and Structuring. 7.1.3 Pooling, Information Destruction,and Structuring. 7.1.4 No-Arbitrage and Pooling. 7.1.5 Retention and Tranching .
7.1.6 Optimal Bidding and Tranching. 7.2 Interest and Principal Structuring. 7.2.1 Why Do Investors Want Par Bonds?. 7.2.2 Allocation of Interest and Principal. 7.3 Discussion of Pooling and Tranching Models. 327 328 329 332 335 346 371 378 390 390 402 422
xii Contents 7.3.1 Explaining Tranching with Market Segmentation and Asymmetric Information . 423 7.3.2 Optimal Tranching in CLO/CBO Transactions. 429 7.3.3 Tranching and the Valuation of Structured Products. 432 7.4 Conclusion. 433 References. 434 8 9 Problems in Securitization Structuring. 8.1 Some Fundamental Problems in Structuring. 8.1.1 Optimal Purchase of Low-Quality Products. 8.1.2 Useless Structuring. 8.1.3 Toxic Pooling. 8.2 The Problem of Structural Complexity. 8.2.1 Complexity Hiding Arbitrage and Risk. 8.2.2 Complexity and Loan Performance. 8.2.3 Complexity and Bond Performance. 8.3 Ratings and Rating Analysts. 8.3.1 Relationships, Ratings, and Influence. 8.3.2 Rating Analysts and Revolving Doors. 8.4
Conclusion. References. 437 438 438 443 446 448 448 456 457 463 463 470 474 475 Conclusion of Securitization Economics. 477 |
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| spelling | Gauthier, Laurent Verfasser (DE-588)1217506993 aut Securitization economics deconstructing the economic foundations of asset securitization Laurent Gauthier Cham Springer [2020] © 2020 xx, 478 Seiten Illustrationen txt rdacontent n rdamedia nc rdacarrier Springer Texts in Business and Economics Investments and Securities Investment Appraisal Macroeconomics/Monetary Economics//Financial Economics Investment banking Securities Capital investments Macroeconomics Investment Banking (DE-588)4200159-6 gnd rswk-swf Investment Banking (DE-588)4200159-6 s DE-604 Erscheint auch als Online-Ausgabe 978-3-030-50326-0 Digitalisierung UB Regensburg - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=032876636&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Gauthier, Laurent Securitization economics deconstructing the economic foundations of asset securitization Investments and Securities Investment Appraisal Macroeconomics/Monetary Economics//Financial Economics Investment banking Securities Capital investments Macroeconomics Investment Banking (DE-588)4200159-6 gnd |
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| title | Securitization economics deconstructing the economic foundations of asset securitization |
| title_auth | Securitization economics deconstructing the economic foundations of asset securitization |
| title_exact_search | Securitization economics deconstructing the economic foundations of asset securitization |
| title_exact_search_txtP | Securitization economics deconstructing the economic foundations of asset securitization |
| title_full | Securitization economics deconstructing the economic foundations of asset securitization Laurent Gauthier |
| title_fullStr | Securitization economics deconstructing the economic foundations of asset securitization Laurent Gauthier |
| title_full_unstemmed | Securitization economics deconstructing the economic foundations of asset securitization Laurent Gauthier |
| title_short | Securitization economics |
| title_sort | securitization economics deconstructing the economic foundations of asset securitization |
| title_sub | deconstructing the economic foundations of asset securitization |
| topic | Investments and Securities Investment Appraisal Macroeconomics/Monetary Economics//Financial Economics Investment banking Securities Capital investments Macroeconomics Investment Banking (DE-588)4200159-6 gnd |
| topic_facet | Investments and Securities Investment Appraisal Macroeconomics/Monetary Economics//Financial Economics Investment banking Securities Capital investments Macroeconomics Investment Banking |
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