Security design in the real world: why are securitization issues tranched?
Securitisations usually involve creating multiple tranches of a single issue with different characteristics, placed on the market as separate securities. Various theoretical explanations have been advanced to explain such tranching. This paper provides the first systematic testing of such theories u...
| Main Authors: | , |
|---|---|
| Format: | Working paper |
| Published: |
University of Oxford
2005
|