One of the reasons for the expected increase in the number and volume of German asset-backed securities (ABS) transactions is the True-Sale Initiative fostered by the Kreditanstalt für Wiederaufbau.
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Der Verfasser promovierte extern bei Prof. Dr. Johannes Schneider am Lehrstuhl für Volkswirtschaftslehre, insbesondere Wirtschaftstheorie, der Katholischen Universität Eichstätt. In dieser Zeit war er als Doktorand am Forschungszentrum von DaimlerChrysler in Ulm tätig.
One of the reasons for the expected increase in the number and volume of German asset-backed securities (ABS) transactions is the True-Sale Initiative fostered by the Kreditanstalt für Wiederaufbau. The question is, which particular contracts from a pool of finance or lease contracts should be securitized in an ABS transaction.
Focusing on captive finance units in the automotive industry the author analyzes this question. He shows which interest groups and potential conflicts may cause portfolios to be inefficiently priced, and suggests securitization as an integrative solution. Taking the issuer's point of view he develops a quantitative framework for the structuring of ABS transactions. In order to determine the risk contributions of individual contracts in the portfolio, the author examines the feasibility of various credit risk models. The securitization framework and the credit risk model are implemented and parameterized.
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Taschenbuch. Zustand: Neu. This item is printed on demand - it takes 3-4 days longer - Neuware -One of the reasons for the expected increase in the number and volume of German asset-backed securities (ABS) transactions is the True-Sale Initiative fostered by the Kreditanstalt für Wiederaufbau. The question is, which particular contracts from a pool of finance or lease contracts should be securitized in an ABS transaction.Focusing on captive finance units in the automotive industry the author analyzes this question. He shows which interest groups and potential conflicts may cause portfolios to be inefficiently priced, and suggests securitization as an integrative solution. Taking the issuer's point of view he develops a quantitative framework for the structuring of ABS transactions. In order to determine the risk contributions of individual contracts in the portfolio, the author examines the feasibility of various credit risk models. The securitization framework and the credit risk model are implemented and parameterized. 188 pp. Englisch. Bestandsnummer des Verkäufers 9783824482870
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Zustand: New. Num Pages: 166 pages, 1 black & white illustrations, 18 black & white tables, biography. BIC Classification: KFF; KJ. Category: (P) Professional & Vocational. Dimension: 210 x 148 x 10. Weight in Grams: 251. . 2005. Paperback. . . . . Books ship from the US and Ireland. Bestandsnummer des Verkäufers V9783824482870
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Kartoniert / Broschiert. Zustand: New. Dieser Artikel ist ein Print on Demand Artikel und wird nach Ihrer Bestellung fuer Sie gedruckt. Der Verfasser promovierte extern bei Prof. Dr. Johannes Schneider am Lehrstuhl fuer Volkswirtschaftslehre, insbesondere Wirtschaftstheorie, der Katholischen Universitaet Eichstaett. In dieser Zeit war er als Doktorand am Forschungszentrum von DaimlerChrysler i. Bestandsnummer des Verkäufers 5339666
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Taschenbuch. Zustand: Neu. This item is printed on demand - Print on Demand Titel. Neuware -One of the reasons for the expected increase in the number and volume of German asset-backed securities (ABS) transactions is the True-Sale Initiative fostered by the Kreditanstalt für Wiederaufbau. The question is, which particular contracts from a pool of finance or lease contracts should be securitized in an ABS transaction.Focusing on captive finance units in the automotive industry the author analyzes this question. He shows which interest groups and potential conflicts may cause portfolios to be inefficiently priced, and suggests securitization as an integrative solution. Taking the issuer's point of view he develops a quantitative framework for the structuring of ABS transactions. In order to determine the risk contributions of individual contracts in the portfolio, the author examines the feasibility of various credit risk models. The securitization framework and the credit risk model are implemented and parameterized.Deutscher Universitätsvlg, Abraham-Lincoln-Str. 46, 65189 Wiesbaden 188 pp. Englisch. Bestandsnummer des Verkäufers 9783824482870
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Taschenbuch. Zustand: Neu. nach der Bestellung gedruckt Neuware - Printed after ordering - When Alexander Hener started to work on this thesis three years ago, he may not have antic ipated today's relevance of his research. The importance is for example reflected in the first asset-backed securities of underlying German auto finance contracts in November 2004, which has been structured by Volkswagen Financial Services. As result of the True-Sale Initiative fostered by the Kreditanstalt fur Wiederaufbau more such transactions can be expected in the future. In this context Mr. Hener analyzes an intuitive question with relevance not only for German captives: which particular contracts from a pool of finance or lease contracts should be securitized in an ABS transaction The author first analyzes the reasons why portfolios in particular of automotive captives tend to be inefficiently priced. He sets out in detail different interest groups and potential conflicts in auto finance and lease, and suggests securitization as an integrative sol ution. Taking the issuer's point of view a framework is developed which suggests a decision for each contract as to whether it is to be assigned to an ABS transaction. Among other the framework models regulatory capital arbitrage, return on equity and return on risk-adjusted capital optimization. For such an approach the underlying risks, in particular credit risk, must be modeled. With this purpose in mind the feasibility of various credit risk models in the industry context is extensively examined. Bestandsnummer des Verkäufers 9783824482870
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