TAILIEUCHUNG - The Economics of Structured Finance

Labour productivity growth arises from capital accumulation and from innovation; that is, the creation, dispersion, and use of new and valued products and processes. Innovation results in a change in the composition of the economy. Firms and entrepreneurs are central to driving innovation and hence productivity growth. However, innovation is inherently a risky and uncertain process. The ability and willingness of fi rms and entrepreneurs to innovate is infl uenced by the incentives they face, their ability to access knowledge and other resources needed to innovate, and the risk and uncertainty that they face. This report examines the factors that. | HARVARD BUSINESS SCHOOL The Economics of Structured Finance Joshua D. Coval Jakub Jurek Erik Stafford Working Paper 09-060 Copyright 2008 by Joshua D. Coval Jakub Jurek and Erik Stafford Working papers are in draft form. This working paper is distributed for purposes of comment and discussion only. It may not be reproduced without permission of the copyright holder. Copies of working papers are available from the author. The Economics of Structured Finance Joshua Coval Jakub Jurek and Erik Stafford Joshua Coval is Professor of Business Administration at Harvard Business School Boston Massachusetts and Jakub Jurek is Assistant Professor at Princeton University Princeton New Jersey and Erik Stafford is Associate Professor of Business Administration at Harvard Business School Boston Massachusetts. Their e-mail addresses are jcoval@ jjurek@ and estafford@ . 1 The essence of structured finance activities is the pooling of economic assets . loans bonds mortgages and subsequent issuance of a prioritized capital structure of claims known as tranches against these collateral pools. As a result of the prioritization scheme used in structuring claims many of the manufactured tranches are far safer than the average asset in the underlying pool. This ability of structured finance to repackage risks and create safe assets from otherwise risky collateral led to a dramatic expansion in the issuance of structured securities most of which were viewed by investors to be virtually risk-free and certified as such by the rating agencies. At the core of the recent financial market crisis has been the discovery that these securities are actually far riskier than originally advertised. We examine how the process of securitization allowed trillions of dollars of risky assets to be transformed into securities that were widely considered to be safe and argue that two key features of the structured finance machinery fueled its spectacular growth. First we show .

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