220 La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. W. (2000). Investor protection and corporate governance. Journal of Financial Economics, 58(1–2), 3–27. https://doi.org/10.1016/S0304-405X(00)00065-9 Laura, M. R., & Fahad, N. (2017). Complexity in structured finance and difficulties faced by market participants - A critical assessment of the role of the complexity in financial crisis. Asian Economic and Financial Review, 7(9), 907–920. https:// ssrn.com/abstract=2998038 Mansi, S. A., Maxwell, W. F., & Wald, J. K. (2009). Creditor protection laws and the cost of debt. The Journal of Law & Economic 52(4), 701-717. https://doi. org/10.1086/605566 Miller, D. P., & Reisel, N. (2011). Do country-level investor protections affect security-level contract design? Evidence from foreign bond covenants. Review of Financial Studies, 25(2), 408–438. https://doi.org/10.1093/rfs/hhr097 Moody’s Investors Service. (2022). Moody’s approach to rating US RMBS. Moodys. hPtBtCp_s1:/2/7w4w79w.moodys.com/research/List-of-Rating-Methodologies-- National Credit Union Administration. (2020). Non-agency RMBS concentration by state. hcottnpcse:n//trwawtiown.n-hciusato.groyv/support-services/guaranteed-notes-program/stateQian, J., & Strahan, P. E. (2007). How laws and institutions shape financial contracts: The case of bank loans. The Journal of Finance, 62(6), 2803–2834. https://doi. org/10.1111/j.1540-6261.2007.01293.x Securities and Exchange Commission. (2012). Annual report on nationally recognized statistical rating organizations. https://www.sec.gov/files/nrsroannrep1212. pdf Securities and Exchange Commission. (2014). Asset-backed securities. https://www.sec. gov/spotlight/dodd-frank/assetbackedsecurities.shtml Securities and Exchange Commission. (2019). What we do - The laws that govern the securities industry. https://www.sec.gov/about/what-we-do Securities and Exchange Commission. (2020). Annual report on nationally recognized statistical rating organizations. https://www.sec.gov/files/2020-annual- report-on-nrsros.pdf S&P Global Ratings. (2021). RMBS: Methodology and assumptions for rating U.S. RBMS issued 2009 and later. https://disclosure.spglobal.com/ratings/en/regulatory/ article/-/view/sourceId/10426033 United States Census Bureau. (2020). Average sales price of new manufacture homes sold or intended for sale by size of home by state [Data set]. https://www.census. gov/data/datasets.html Vink, D., Nawas, M., & van Breemen, V. (2021). Security design and credit rating risk in the CLO market. Journal of International Financial Markets, Institutions and Money, 72, 101305. https://doi.org/10.1016/j.intfin.2021.101305 White, H. (1980). A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity. Econometrica, 48(4), 817. https://doi. org/10.2307/1912934
RkJQdWJsaXNoZXIy MTk4NDMw