12 General Introduction Over the years, regulators, policymakers and supervisors have put significant eq fuf oe sr tt iso ni n r termy iani gn st, oh oi mwpervoevr,e htohwe feuf fneccttiiovne i nt hge os ef tehf feo rstesc u( or fi tt ei znattiimo ne smi na rtkheet . f oTrhme oi nf trhuel ems aarnkde tr. eIgnu al ant iaotnt es m) aprtet oa ns dh ehdo lwi g hi nt voens ttohriss pr eelractei vi veel y t choemr pi slke sx el amn bd es cdadpeed, tt hh ies edvioslsuetri toant i oo fn ma ii tmi gsa ttioo np raot tvei md ep tas bb ey t tt ehre ug no vdeerrns ti na ng dbi no dg i eosf . tThhoes eg orai sl kosf at hnids di ni sdsi reer ct at ltyi o ni n vi so l tvheedn i tno tphreo vsiedceu rui st iezf autl i onne wm ianr skiegth, t sp af rotri caullla rplayr tfioers dr ei rgeucl tal tyo rosr, policymakers, supervisors and investors. This dissertation focuses on answering the following question: To what extent do factors beyond credit ratings affect securities’ credit quality, and to what extent do investors rely upon these ratings? Tmhairskient t raondduccot ov reyr sc thhaep tme ra ienx cpol ani cnesptths ea nk edyt hc he oa rr ai ecst etrhi as tt i cf os romf tthhee sf oe uc unrdi at itzi oa tni oonf trhe si se adricshs e rqtuaet isot ino. nT ha er e d it fhf ee rne ndte sr ce rs iebaerdc ,h f soul lbo-wq eu de s tbi yo nas uf unrdt he relry i no ug t ol i un re oovf e rt ha lel remaining part of this dissertation. 1.1 Securitization design and market overview Sa ne cdusrtirt ui zcat tui or endi si nt thoe tpr ar odceeasbsl ei ns we chuirciht i ve as .r Ti ohuess teyspeecsuor fi tlioeas ncsa na rbeebsuonl dd lteodi nt ovgeesttho er sr wu nhdoe, rilny i nt ugr np ,o roel coefi vl eo atnhse. Ti nht ee rseesct uarni tdi z aptriionnc i pp raol cpeasysms teanrttss gwe int ehr at ht eedo frri og imn atthoer
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