Securitization without risk transfer
NBER Working Paper No. 15730
---- Acknowledgements -----
Authors are grateful to Matt Richardson and faculty members at Stern School of Business, New York University for discussions on the topic and to research staff at Moody’s and Fitch Ratings for detailed answers to our queries. We thank David Skeie and Dennis Kuo for advice on bank call report data. We are also grateful to Christa Bouwman, Florian Heider, and Amit Seru (discussants) and seminar participants at the 2010 Meeting of the American Finance Association, the Stockholm Institute of Financial Research Conference on the Financial Crisis of 2007-09, the European Winter Finance Conference 2010, the European Central Bank, the Federal Reserve Banks of New York and Richmond, the University of Southern California, and the University of North Carolina at Chapel Hill. This paper represents the views of the authors and not necessarily those of the Federal Reserve System, its Board of Governors, or the National Bureau of Economic Research.