203 credit support for a tranche, indicating the percent of cushioning in the capital structure of a RMBS deal against credit losses that a specific tranche could suffer. Ts uhbeocrudsi hn iaot ne di n tgoi st hper otvr ai dnecdh eb yi nt hqeuaeds dt i iot ni o. nTahl et r ma necahne ss ui nb ot hr de i Rn Ma t Bi oSn dleeavle tl hi ant oa ur er si na mt hpel eR iMs B0S. 4d2e%a l. To fr awnhc hi ceh ctohue nttr acnocr hr ees bp eo lnodnsg st ot ot .h eI nt ootua rl ns aummpbleer, tohf et raavne cr ha ge es number of tranches per RMBS deal is 17.41. The Number of Ratings is the number o1f.5c7rerdaittinrgatsiningsouatrtasachmepdleto. a tranche at issuance, on average a tranche received Coupon is the coupon rate assigned for each tranche at issuance, in our sample the mean coupon rate is 2.73%. We also control for issuer size. To do so, we use a dummy variable, Top Ten Issuer, tghl oabt aelqRu Ma l sB Sosn emiaf rt kheet i ss hs uaer er , i sa nadmzoenrgo tihf et ht oe pi s1s 0u %e r oi sf ai sms uoenrgs tmh ee arseumr eadi nui ns gi n9g 0t %h e. Tt oo wmheiacshu rt he et ht er adnicshpee’rss ci oonl l aotfetrhael itsr al onccahtee’ds ci no l loant eer as tl ,awt ee. c o n t r o l f o r t h e e x t e n t Clustered Collateral is al o dc autme dmi yn voanrei asbt al et et, haant de zqeuraol si f onnoet . i Tf h5 e0 %m eoarn mc lourset eorfe tdh ceotl rl aa tnecrha el ’isn cooul lra st ea rma pl li es iasn0d. 1t 7h %e G. IDnPE bq yu asttiaotne ,( 5t o. 3c)o, wn ter oall sfoo ri npcol us sdieb lteh eb ai avseersa gi ne ht hoeu st reapnrsiac cet ii no ne asci zhes toaf t ae deal when certain states have higher house prices of GDP on average. ‘Log House Price’ equals the natural logarithm of the average sales price of new manufactured homes by state in millions of dollars. The average Log House Price in our sample is 11.62. The ‘Log GDP’ is the natural logarithm of the gross domestic product (GDP) by state in millions of dollars. The average Log GDP in our sample is 14.85. Chapter 5 - The Impact of Creditor Protection
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