Collateralized Debt Obligations Ist Das Poolen Und Tranchieren Von Wertpapieren Vorteilhaft
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Collateralized Debt Obligations
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Author : Alexander Birmili
language : de
Publisher: diplom.de
Release Date : 2007-01-29
Collateralized Debt Obligations written by Alexander Birmili and has been published by diplom.de this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-01-29 with Business & Economics categories.
Inhaltsangabe:Problemstellung: Die vergangenen Jahrzehnte waren für die internationalen Kredit- und Kapitalmärkte mit starken strukturellen Veränderungen verbunden. Als alternative Form der Unternehmensfinanzierung hat vor allem die Verbriefung von Vermögenswerten (Asset Securitisation) stark an Bedeutung gewonnen., Da eine Verbriefung die direkte Verbindung zwischen Kreditnehmern und Kreditgebern herstellt, hat diese Finanzinnovation einen großen Einfluss auf die Rolle von Finanzintermediären. Unternehmen können sich mit Hilfe dieser Technologie ohne Inanspruchnahme einer Bank am Kapitalmarkt refinanzieren. Durch eine Verbriefung werden aus Buchwerten handelbare Wertpapiere, die einen Zahlungsanspruch zum Gegenstand haben und durch eine Gruppe von Vermögenswerten und Zahlungsströmen besichert sind (Asset Backed Securities). Der Markt für Asset Backed Securities (ABS) in Europa ist in den letzten fünf Jahren um ca. 25 % per annum gewachsen. Eine jüngere Weiterentwicklung der Verbriefungstechnologie stellt der Bereich Credit Securitisation bzw. Structured Credit dar. Die so genannten Collateralized Debt Obligations (CDOs) ziehen in besonderem Maße die Aufmerksamkeit von Emittenten und Investoren auf sich. CDOs verbriefen unterschiedlich priorisierte Ansprüche auf die Vermögenswerte eines Portfolios, das aus Buchkrediten oder Anleihen besteht. Das bietet gerade Kreditinstituten eine neue Möglichkeit, ihre Kreditpositionen an den Kapitalmarkt zu transferieren. Es entstehen strukturierte Finanzprodukte im Sinne spezieller Asset Backed Securities, die den vor-wiegend institutionellen Anlegern ein spezifisches Exposure ermöglichen und auf diese Weise deren bestehende Investitionsmöglichkeiten ergänzen. Bei einer CDO-Transaktion wird (wie bei allen klassischen ABS-Transaktionen) eine bestimmte Anzahl von Vermögenswerten für die Verbriefung zu einer Gruppe zusammengefasst ( Poolen ). Darüber hinaus werden aber vor allem bei der Verbriefung von Krediten oder Anleihen mehrere Wertpapierklassen mit unterschiedlicher Seniorität (Tranchen) emittiert. Trotz der stark zunehmenden Anwendung dieser neuen Verbriefungstechnologie beschäftigt sich die wissenschaftliche Literatur nur in geringem Umfang mit der Frage, ob das Poolen von Forderungen und die Emission unterschiedlich priorisierter Tranchen ( Tranchieren ) als Kernelemente einer Kreditverbriefung im Rahmen einer Transaktion vorteilhaft sind. Gang der Untersuchung: Die vorliegende Arbeit will ein [...]
Bank Risk Taking And Competition Revisited
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Author : Mr.Gianni De Nicolo
language : en
Publisher: International Monetary Fund
Release Date : 2003-06-01
Bank Risk Taking And Competition Revisited written by Mr.Gianni De Nicolo and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-06-01 with Business & Economics categories.
This study reinvestigates the theoretical relationship between competition in banking and banks' exposure to risk of failure. There is a large existing literature that concludes that when banks are confronted with increased competition, they rationally choose more risky portfolios. We briefly review this literature and argue that it has had a significant influence on regulators and central bankers, causing them to take a less favorable view of competition and encouraging anti-competitive consolidation as a response to banking instability. We then show that existing theoretical analyses of this topic are fragile, since they do not detect two fundamental risk-incentive mechanisms that operate in exactly the opposite direction, causing banks to aquire more risk per portfolios as their markets become more concentrated. We argue that these mechanisms should be essential ingredients of models of bank competition.
Bank Competition And Financial Stability
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Author : Mr.Gianni De Nicolo
language : en
Publisher: International Monetary Fund
Release Date : 2011-12-01
Bank Competition And Financial Stability written by Mr.Gianni De Nicolo and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-12-01 with Business & Economics categories.
We study versions of a general equilibrium banking model with moral hazard under either constant or increasing returns to scale of the intermediation technology used by banks to screen and/or monitor borrowers. If the intermediation technology exhibits increasing returns to scale, or it is relatively efficient, then perfect competition is optimal and supports the lowest feasible level of bank risk. Conversely, if the intermediation technology exhibits constant returns to scale, or is relatively inefficient, then imperfect competition and intermediate levels of bank risks are optimal. These results are empirically relevant and carry significant implications for financial policy.
Definition Of Management Accounting
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Author : National Association of Accountants
language : en
Publisher:
Release Date : 1981
Definition Of Management Accounting written by National Association of Accountants and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1981 with Managerial accounting categories.
Artificial Intelligence
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Author : Harvard Business Review
language : en
Publisher: HBR Insights
Release Date : 2019
Artificial Intelligence written by Harvard Business Review and has been published by HBR Insights this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with Business & Economics categories.
Companies that don't use AI to their advantage will soon be left behind. Artificial intelligence and machine learning will drive a massive reshaping of the economy and society. What should you and your company be doing right now to ensure that your business is poised for success? These articles by AI experts and consultants will help you understand today's essential thinking on what AI is capable of now, how to adopt it in your organization, and how the technology is likely to evolve in the near future. Artificial Intelligence: The Insights You Need from Harvard Business Review will help you spearhead important conversations, get going on the right AI initiatives for your company, and capitalize on the opportunity of the machine intelligence revolution. Catch up on current topics and deepen your understanding of them with the Insights You Need series from Harvard Business Review. Featuring some of HBR's best and most recent thinking, Insights You Need titles are both a primer on today's most pressing issues and an extension of the conversation, with interesting research, interviews, case studies, and practical ideas to help you explore how a particular issue will impact your company and what it will mean for you and your business.
Management Intelligent Systems
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Author : Jorge Casillas
language : en
Publisher: Springer Science & Business Media
Release Date : 2013-11-18
Management Intelligent Systems written by Jorge Casillas and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-11-18 with Technology & Engineering categories.
This symposium was born as a research forum to present and discuss original, rigorous and significant contributions on Artificial Intelligence-based (AI) solutions—with a strong, practical logic and, preferably, with empirical applications—developed to aid the management of organizations in multiple areas, activities, processes and problem-solving; what we call Management Intelligent Systems (MiS). This volume presents the proceedings of these activities in a collection of contributions with many original approaches. They address diverse Management and Business areas of application such as decision support, segmentation of markets, CRM, product design, service personalization, organizational design, e-commerce, credit scoring, workplace integration, innovation management, business database analysis, workflow management, location of stores, etc. A wide variety of AI techniques have been applied to these areas such as multi-objective optimization and evolutionary algorithms, classification algorithms, ant algorithms, fuzzy rule-based systems, intelligent agents, Web mining, neural networks, Bayesian models, data warehousing, rough sets, etc. This volume also includes a track focused on the latest research on Intelligent Systems and Technology Enhanced Learning (iTEL), as well as its impacts for learners and institutions. It aims at bringing together researchers and developers from both the professional and the academic realms to present, discuss and debate the latest advances on intelligent systems and technology-enhanced learning The symposium was organized by the Soft Computing and Intelligent Information Systems Research Group (http://sci2s.ugr.es) of the University of Granada (Spain) and the Bioinformatics, Intelligent System and Educational Technology Research Group (http:// bisite.usal.es/) of the University of Salamanca (Spain). The present edition was held in Salamanca (Spain) on May 22–24, 2013.
Management Intelligent Systems
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Author : Jorge Casillas
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-07-11
Management Intelligent Systems written by Jorge Casillas and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-07-11 with Technology & Engineering categories.
The 2012 International Symposium on Management Intelligent Systems is believed to be the first international forum to present and discuss original, rigorous and significant contributions on Artificial Intelligence-based (AI) solutions—with a strong, practical logic and, preferably, with empirical applications—developed to aid the management of organizations in multiple areas, activities, processes and problem-solving; i.e., what we propose to be named as Management Intelligent Systems (MiS). The three-day event aimed to bring together researchers interested in this promising interdisciplinary field who came from areas as varied as management, marketing, and business in general, computer science, artificial intelligence, statistics, etc. This volume presents the proceedings of these activities in a collection of contributions with many original approaches. They address diverse Management and Business areas of application such as decision support, segmentation of markets, CRM, product design, service personalization, organizational design, e-commerce, credit scoring, workplace integration, innovation management, business database analysis, workflow management, location of stores, etc. A wide variety of AI techniques have been applied to these areas such as multi-objective optimization and evolutionary algorithms, classification algorithms, ant algorithms, fuzzy rule-based systems, intelligent agents, Web mining, neural networks, Bayesian models, data warehousing, rough sets, etc. The symposium was organized by the Soft Computing and Intelligent Information Systems Research Group (http://sci2s.ugr.es) of the University of Granada (Spain) and the Bioinformatics, Intelligent System and Educational Technology Research Group (http://bisite.usal.es/) of the University of Salamanca (Spain). The present edition is held in Salamanca (Spain) on July 11-13, 2012.