NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Securitization without Adverse Selection: The Case of CLOs

Efraim Benmelech, Jennifer Dlugosz, Victoria Ivashina

NBER Working Paper No. 16766
Issued in February 2011

---- Acknowledgements -----

We thank Paul Gompers, Jeremy Stein, Greg Nini, Gary Gorton, Charlotte Ostergaard, James Vickery, Paul Willen, seminar participants at the Federal Reserve Bank of New York, the Federal Reserve Board, Harvard University, UNC, London School of Economics, Wharton, University of Florida, Berkeley, NERA, the World Bank, the Brattle Group, and participants at the American Finance Association annual meeting, the Yale Conference on Financial Crisis, and Financial Intermediation Society Annual Meeting for helpful comments. Jessica Dias and Kate Waldock provided excellent research assistance. We acknowledge research support from the Division of Research at Harvard Business School. We are especially grateful to Markit for assisting us with CDS data. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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