21 2015 (first sub-question). Furthermore, we compare the behavior of investors in the US and EU primary CLO market. In Chapter 3, we study the extent to which tcha et ecroi nmgpbl eexhiat yv ioofrai ns etchuer pi t ryi’ms da er ys i gC nL Oi s mr eal ar kt eedt t( os eccroe nd di t sr ua tbi -nqgusehsot ipopni)n. gWaen da nr aa ltyi nz ge bd oi f tf he rtehnec Ue sS tahnadt EmUi gmh at rekxei st tf reoxm- a n1 t9e9 a6 nt do 2e x0-1p3o sa tn tdh feo cs ut as r st poef c ti hf i ec agl ll yo boanl pf iontae nn ct ii aa ll crisis. In Chapter 4 we explore our third sub-question by analyzing if, and if so hr aotwi n, gcso amnpde ct irtei od ni t br aettiwn ge se ns t as mn daal lr dasn. dWl ea rugsee CpRr iAms airmy pma ca trsk et ht ed aqt ua aol if t rye os ifd cernetdi ai tl mthoerUtgSagaen-dbaEcUkemdasrekceutrbiteietws e(RenM2B0S1) 7traanndch2e0s 2w0h. iIcnh are originated and sold in Chapter 5, we restrict our sa anmd pr el el i at ob lteh ec rUe Sd iot nr layt, i tnog isngvievsetni gtaht ee dt hi fef eerxetne tn ltetvoe wl s hoi fc hc rCe Rd iAt os rp pr or ov it de ce t ci oonn saics rt oe ns st Ut hSa st twa teerse(of orui gritnhast ue db -aqnude sstoi ol dn )b. eWt we eset und2y0R1M7 BaSn dt r a2n0c2h0e. sI na t t h e t i m e o f i s s u a n c e Chapter 6, we focus o2 n0 2t h1 e, ttoo tsat luEduyr tohpee ai mn ps ea cc ut roi ft itzhaet i do ni f fme raernkte rt e( gAuBl Sa ,t oC rLyO r, iMs kB Sr e) ,t ienn tt hi oenpme rei ot hdo2d0s 1o1n- the pricing and rating differences of securitization tranches (fifth sub-question). Ts ehvee rqaul aonrtdi ti antai vr ye rl ee as se ta rs cqhu as rt ue sd i(eOs Li Sn ) Cahnadp t(eorrsd 2e r teod )6 laorgei tc roengdrue cs tsei od nb my ao pd pe ll ys i on ng pooled cross-sectional data (tranche-level). Finally, Chapter 7 discusses the main findings of each chapter and how they, cr eo smu bl tisn, ewd ,e asnpsewc ief ry tt hh ee coovne trrai rbcuhtiinogn raensde arreccho mq umeesnt idoant.i oBnus i lodfi nogu ru ps tound yt haens de cfuotnucrleudreesebayrcphr.oviding limitations of our research and suggested avenues for Chapter 1 - General Introduction
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