Eintrag weiter verarbeiten
The Rise and Fall of Demand for Securitizations
Gespeichert in:
Personen und Körperschaften: | , , , |
---|---|
Weitere Verfasser: | Sunderam, Adi [Sonstige] • Hanson, Samuel G. [Sonstige] |
Format: | E-Book |
Sprache: | Englisch |
veröffentlicht: |
Cambridge, Mass
National Bureau of Economic Research
December 2014
|
Gesamtaufnahme: |
NBER working paper series
|
Quelle: | Verbunddaten SWB Lizenzfreie Online-Ressourcen |
Zusammenfassung: | Collateralized debt obligations (CDOs) and private-label mortgage-backed securities (MBS) backed by nonprime loans played a central role in the recent financial crisis. Little is known, however, about the underlying forces that drove investor demand for these securitizations. Using micro-data on insurers' and mutual funds' bond holdings, we find considerable heterogeneity in investor demand for securitizations in the pre-crisis period. We argue that both investor beliefs and incentives help to explain this variation in demand. By contrast, our data paints a more uniform picture of investor behavior in the crisis. Consistent with theories of optimal liquidation, investors largely traded in more liquid securities such as government-guaranteed MBS to meet their liquidity needs during the crisis |
---|---|
Umfang: | 1 Online-Ressource |
Format: |
Mode of access: World Wide Web. System requirements: Adobe [Acrobat] Reader required for PDF files. |
DOI: | 10.3386/w20777 |
Zugang: | Open Access |