Originate-to-Distribute and Screening Incentives
نویسندگان
چکیده
منابع مشابه
Lender Moral Hazard and Reputation in Originate-to-Distribute Markets∗
In a dynamic model of originate-to-distribute lending, we examine whether reputation concerns can incentivize a bank to monitor loans it has sold. Investors believe that banks with fewer recent loan defaults are more likely to monitor (“have higher reputation”). In equilibrium, banks monitor more and retain a smaller loan fraction when their reputations are high. Monitoring is harder to sustain...
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Over the last two decades, bank credit has evolved from the traditional relationship banking model to an originate-to-distribute model where banks can originate loans, earn their fee, and then sell them off to investors who desire such exposures. We show that the borrowers whose loans are sold in the secondary market underperform other bank borrowers by between 8% and 14% per year on a risk-adj...
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Heterogeneous systems are nowadays a common choice in the path to Exascale. Through the use of accelerators they offer outstanding energy efficiency. The programming of these devices employs the host-device model, which is suboptimal as CPU remains idle during kernel executions, but still consumes energy. Making the CPU contribute computing effort might improve the performance and energy consum...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2011
ISSN: 1556-5068
DOI: 10.2139/ssrn.1787283