Asset Backed Securities

Sabine Langner ()
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Sabine Langner: Albert-Ludwigs-Universität Freiburg

Schmalenbach Journal of Business Research, 2002, vol. 54, issue 7, 656-673

Abstract: Summary This paper describes the structure and elements of an Asset Backed Securities transaction. Emphasis lies on the credit enhancement, rating analysis and monitoring of the transaction. The potential informational problems of adverse selection and moral hazard are solved by a myriad of mechanisms. The credit enhancement puts the originator at risk and gives him an incentive to service the receivables optimally. The arranger usually guarantees further defaults and thus has an incentive to monitor the originator closely.

Keywords: D82; G12; G32 (search for similar items in EconPapers)
Date: 2002
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DOI: 10.1007/BF03372691

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