Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/315412 
Erscheinungsjahr: 
2024
Quellenangabe: 
[Journal:] Review of Derivatives Research [ISSN:] 1573-7144 [Volume:] 27 [Issue:] 2 [Publisher:] Springer US [Place:] New York [Year:] 2024 [Pages:] 113-150
Verlag: 
Springer US, New York
Zusammenfassung: 
Abstract We examine how design features and labels of complex financial securities affect pricing and performance. Hence, we utilize the security design features required by the European Union’s Securitization Regulation and the optional STS label (“Simple, Transparent, and Standardized”). Based on a unique dataset of European securitizations with 31 million quarterly loan observations, we find that investors hardly consider the features but rely on the existence of the label, although the latter has no performance-increasing effect. Our results reveal that investors neglect a proper risk assessment and misinterpret the easily accessible label as a signal of superior performance.
Schlagwörter: 
Asset-backed securities
EU securitization regulation
Simple, transparent, standardized (STS)
Loan performance
Complex securities
Persistent Identifier der Erstveröffentlichung: 
Sonstige Angaben: 
D82;G01;G18;G21
Creative-Commons-Lizenz: 
cc-by Logo
Dokumentart: 
Article
Dokumentversion: 
Published Version
Erscheint in der Sammlung:

Datei(en):
Datei
Größe





Publikationen in EconStor sind urheberrechtlich geschützt.