tailieunhanh - The Economics of Structured Finance

Labour productivity growth arises from capital accumulation and from innovation; that is, the creation, dispersion, and use of new and valued products and processes. Innovation results in a change in the composition of the economy. Firms and entrepreneurs are central to driving innovation and hence productivity growth. However, innovation is inherently a risky and uncertain process. The ability and willingness of fi rms and entrepreneurs to innovate is infl uenced by the incentives they face, their ability to access knowledge and other resources needed to innovate, and the risk and uncertainty that they face. This report examines the factors that. | HARVARD BUSINESS SCHOOL The Economics of Structured Finance Joshua D. Coval Jakub Jurek Erik Stafford Working Paper 09-060 Copyright 2008 by Joshua D. Coval Jakub Jurek and Erik Stafford Working papers are in draft form. This working paper is distributed for purposes of comment and discussion only. It may not be reproduced without permission of the copyright holder. Copies of working papers are available from the author. The Economics of Structured Finance Joshua Coval Jakub Jurek and Erik Stafford Joshua Coval is Professor of Business Administration at Harvard Business School Boston Massachusetts and Jakub Jurek is Assistant Professor at Princeton University Princeton New Jersey and Erik Stafford is Associate Professor of Business Administration at Harvard Business School Boston Massachusetts. Their e-mail addresses are jcoval@ jjurek@ and estafford@ . 1 The essence of structured finance activities is the pooling of economic assets . loans bonds mortgages and subsequent issuance of a prioritized capital structure of claims known as tranches against these collateral pools. As a result of the prioritization scheme used in structuring claims many of the manufactured tranches are far safer than the average asset in the underlying pool. This ability of structured finance to repackage risks and create safe assets from otherwise risky collateral led to a dramatic expansion in the issuance of structured securities most of which were viewed by investors to be virtually risk-free and certified as such by the rating agencies. At the core of the recent financial market crisis has been the discovery that these securities are actually far riskier than originally advertised. We examine how the process of securitization allowed trillions of dollars of risky assets to be transformed into securities that were widely considered to be safe and argue that two key features of the structured finance machinery fueled its spectacular growth. First we show .

• Kinh tế học
• Monitoring Individuals
• Treatment Outcomes
• Coeliac Disease Diagnosed
• Coronary Intervention
• Cardiac Arrest Survivors
• Percutaneous Intervention
• Tạp chí khoa học
• The role of intravascular ultrasound
• Percutaneous coronary artery intervention
• Percutaneous coronary artery
• Percutaneous coronary intervention
• Percutaneous transhepatic intervention
• Malignant biliary obstruction
• Percutaneous transhepatic biliary drainage
• Journal of Clinical Medicine
• Biliary stenting
• USMLE road map Genetics
• Inferior vena cava
• Portal and hepatic veins
• Image guided percutaneous biopsy
• Gastrointestinal tract intervention
• Percutaneous abscess
• Musculoskeletal intervention
• Image guided breast intervention
• medical research
• therapeutic
• Intracoronary Streptokinase
• Primary Percutaneous
• pharmaceutical
• scientific reports
• treatment
• symptoms
• biochemical
• Tạp chí Y học Quân sự
• Acute myocardial infarction
• Clinical SYNTAX score
• Clinical SYNTAX score 1
• Acute kidney injury
• Acute coronary syndrome
• Prediction model
• Intra aortic balloon pump
• Transfemoral access
• Transradial access
• Femoral closure
• Vascular closure devices
• BMC Pharmacology and Toxicology
• Dual antiplatelet therapy
• Triple antiplatelet therapy
• Stent thrombosis
• The dissertation of doctor of philosophy in medicine
• Primary percutaneous coronary intervention association
• Thrombus aspiration on patients
• Acute STelevation myocardial infarction
• PPCI association with TA
• Ischemic heart disease
• Ventricular arterial coupling
• Echocardiography single beat method
• Coronary artery disease
• Cardiovascular diseases
• Low platelets
• Hemorrhagic stroke
• Dual anti platelet therapy
• Coronary Interventions
• Vascular Access
• Percutaneous Coronary
• Agri environmental programs