By Niklas Bartelt

ISBN-10: 3322999416

ISBN-13: 9783322999412

ISBN-10: 3824490064

ISBN-13: 9783824490066

Nach dem großen Erfolg in den united states gewinnen die Asset-Backed Securities auch in Deutschland immer mehr an Bedeutung. Niklas Bartelt stellt dar, warum und unter welchen Bedingungen Asset-Backed Securities konkurrierenden Finanzierungsformen überlegen sind. Anhand der aufgezeigten Effizienzkriterien leitet der Autor einen Strategieprozess für Banken, die Asset-Backed Securities anbieten möchten, ab und entwickelt eine Vorgehensweise zur Strukturierung und Absicherung dieser Finanzierungsform. Auf der Grundlage einer in den united states durchgeführten empirischen Untersuchung gibt Niklas Bartelt Handlungsempfehlungen zur Umsetzung in Banken und Unternehmen.

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Extra resources for Asset-Backed Securities: Ein Produkt fur deutsche Banken

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Es verbleiben nur noch die Kapitalnachfrager mit durchschnittlicher bzw. schlechterer Qualitat. I63 Dieses Phanomen der Informationsasymmetrie vor VertragsabschluB ist als Adverse Selection bekannt. 156 157 158 159 160 Vgl. Richter. Rudolf, Institutionenokonomik, S. 402. Vgl. Hastenpflug, Wolfgang, Securitizationsphanomen, S. 90 - 91. Vgl. Jacob, Adolf-Friedrich, Finanzierungsregeln, S. 117. Vgl. Hastenpflug, Wolfgang, Securitizationsphanomen, S. 120 - 122. Zur Abgrenzung der Agency Theorie von der Transaktionskostentheorie vgl.

334. FUr eine Diskussion verschiedener Strategien zur Reduktion der Agency Problematik in Finanzierungsbeziehungen vgl. , neoinstitutionalistischer, S. 140 - 150. Vgl. , Finance, S. 567 - 575. 3 diskutiert, da das Adverse Selection Problem zur Erklarung der ABS extern eingefUhrt wird. Ziel ist es nicht, die ABS zu erkliiren, sondern die optimale Gestaltung eines Senior I Subordinate Absicherungsmechanismusses zu modellieren. Vgl. , Governance, S. 122 - 125. 2 diskutiert, kann die ABS-Finanzierung als Disintermediation im Sinne des "Obergangs von der Bank- auf die Marktintermediation verstanden werden.

Der daraus folgert, daB die von ihm abgeleitete Vorteilhaftigkeit der ABS auf Friktionen des Marktes beruht. Dem kann hier nicht gefolgt werden, da dies beim ABS-Marktvolumen von USD 185,1 Mrd. im 1997 - untersteHt, daB diese Friktionen in den iiber zwolf Jahren der Existenz und des Wachstums des US-ABS-Marktes nicht durch Arbitrage beseitigt werden konnten. Gleichzeitig ist zu beriicksichtigen, daB diese Argumentation untersteHt, daB die Finanzierung der Aktiva keinen EngpaB darsteHt. Vgl. , Bank, S.

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Asset-Backed Securities: Ein Produkt fur deutsche Banken by Niklas Bartelt

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