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Security Design

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Author Info
 Boot, Arnoud W A
Thakor, Anjan V

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Abstract

The authors explain why an issuer may wish to raise external capital by selling multiple financial claims that partition its total asset cash flows, rather than a single claim. They show that, in an asymmetric information environment, the issuer's expected revenue is enhanced by such cash flow partitioning because it makes informed trade more profitable. This approach seems capable of shedding light on corporate incentives to issue debt and equity, as well as on financial intermediaries' incentives to issue multiple classes of claims against portfolios of securitized assets. Copyright 1993 by American Finance Association.

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Publisher Info
Article provided by American Finance Association in its journal Journal of Finance.

Volume (Year): 48 (1993)
Issue (Month): 4 (September)
Pages: 1349-78
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Handle: RePEc:bla:jfinan:v:48:y:1993:i:4:p:1349-78

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  1. Schaber, Albert, 2008. "Combination notes: market segmentation and equity transfer," Discussion Papers in Business Administration 4151, University of Munich, Munich School of Management. [Downloadable!]
  2. Acharya, Viral V & Bisin, Alberto, 2003. "Optimal Financial Market Integration and Security Design," CEPR Discussion Papers 3852, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  3. Axelson, Ulf, 2005. "Security Design with Investor Private Information," SIFR Research Report Series 37, Swedish Institute for Financial Research. [Downloadable!]
  4. Vink, Dennis, 2007. "An Empirical Analysis of Asset-Backed Securitization," MPRA Paper 4988, University Library of Munich, Germany, revised 25 Aug 2008. [Downloadable!]
  5. Vink, Dennis, 2007. "ABS, MBS and CDO compared: an empirical analysis," MPRA Paper 5028, University Library of Munich, Germany, revised 09 Sep 2008. [Downloadable!]
  6. Maciej Firla-Cuchra & Tim Jenkinson, 2005. "Security Design in the Real World: Why are Securitization Issues Tranched?," Economics Series Working Papers 225, University of Oxford, Department of Economics. [Downloadable!]
  7. Margarita Samartín, 2004. "Algunos Temas Relevantes En La Teoría Bancaria," Documentos de Trabajo de Economía de la Empresa db040403, Universidad Carlos III, Departamento de Economía de la Empresa. [Downloadable!]
  8. Xavier Freixas & Anthony M. Santomero, 2002. "An overall perspective on banking regulation," Working Papers 02-1, Federal Reserve Bank of Philadelphia. [Downloadable!]
  9. Andres Almazan & Javier Suarez & Sheridan Titman, 2003. "Stakeholder, Transparency and Capital Structure," NBER Working Papers 10101, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  10. Bhagwan Chowdhry & Mark Grinblatt & David Levine, 2002. "Information Aggregation, Security Design and Currency Swaps," NBER Working Papers 8746, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  11. Gann, Philipp, 2008. "Der Internal Capital Adequacy Assessment Process als regulatorischer Treiber eines aktiven Kreditportfoliomanagements," Discussion Papers in Business Administration 4831, University of Munich, Munich School of Management. [Downloadable!]
  12. Andrea Heuson & Wayne Passmore & Roger Sparks, 2000. "Credit scoring and mortgage securitization: do they lower mortgage rates?," Finance and Economics Discussion Series 2000-44, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
  13. Maciej Firla-Cuchra & Tim Jenkinson, 2005. "Why are Securitization Issues Tranched?," OFRC Working Papers Series 2005fe04, Oxford Financial Research Centre. [Downloadable!]
  14. Schuhmacher, Joachim, 1998. "Seniority Structure and Financial Intermediation," Discussion Paper Serie A 583, University of Bonn, Germany. [Downloadable!]
  15. Kleimeier,Stefanie & William L. Megginson, 2002. "An empirical analysis of limited recourse project," Research Memoranda 066, Maastricht : METEOR, Maastricht Research School of Economics of Technology and Organization. [Downloadable!]
  16. Bhagwan Chowdhry & Mark Grinblatt & David K Levine, 2001. "Information Aggregation, Currency Swaps, and the Design of Derivative Securities," Levine's Working Paper Archive 2106, UCLA Department of Economics. [Downloadable!]
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  17. Andreas Gintschel & Andreas Hackethal, 2004. "Multi-bank loan pool contracts: enhancing the profitability of small commercial banks," Applied Financial Economics, Taylor and Francis Journals, vol. 14(17), pages 1239-1252, November. [Downloadable!] (restricted)
  18. Inderst, Roman & Mueller, Holger M, 2005. "Informed Lending and Security Design," CEPR Discussion Papers 5185, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  19. Sangmok Choi & Bruce D. Smith & John H. Boyd, 1996. "Inflation, financial markets and capital formation," Proceedings, Federal Reserve Bank of St. Louis, issue May, pages 9-35. [Downloadable!]
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  20. Anand Mohan Goel & Anjan V. Thakor, 2004. "Why Do Firms Smooth Earnings?," Finance 0411021, EconWPA. [Downloadable!]
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  21. Inderst, Roman & Mueller, Holger M, 2003. "Credit Risk Analysis and Security Design," CEPR Discussion Papers 3686, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  22. Xavier Freixas, 2003. "An Overall Perspective on Banking Regulation," Economics Working Papers 664, Department of Economics and Business, Universitat Pompeu Fabra. [Downloadable!]
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