| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w20777 |
| 来源ID | Working Paper 20777 |
| The Rise and Fall of Demand for Securitizations | |
| Sergey Chernenko; Samuel G. Hanson; Adi Sunderam | |
| 发表日期 | 2014-12-22 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | 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. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Institutions |
| URL | https://www.nber.org/papers/w20777 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/578452 |
| 推荐引用方式 GB/T 7714 | Sergey Chernenko,Samuel G. Hanson,Adi Sunderam. The Rise and Fall of Demand for Securitizations. 2014. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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