247 Tt hhei rtdr ,a tnoc hi nevbe es tyiog na tde tihf ei ncvreesdtiot rrsa ct ionngs, i wd eer ut shee or ri sdki nraert ye nl et iaosnt ms qeutahroed rseignr epsrsi icoi nn gs with the issuance Spread (in basis points above the benchmark) as the dependent va ag rr ei aebdl eu. pTo hn ea ts pt hr ee adda t ee qouf apl sr i ct ihneg qa nu od ttehde mc oaurpgoi nn ob fe tt hwee ienni t itahl es pbreenacdh, mmaeraks urraet de in basis points (bps). Similar to our third and fourth model, we also use Risk Retention Methods as the key independent variable. For our fifth model, we create ae xscpl uedc ief i ac l ls af imx epdl e- r taot ebsee ac ub rl ei t iteos pi nr e oc iusre lsya mm pe al es u( r3e2 5p rtircai nngc haets i)s. sAusa nf ocre . f iFxier ds t-,r awt ee teraacnhc threasn icthi es inne tchees ssaarmy pt ol e dt eo t ge er mt ai nn ei stshuea an pc ep rsoppr er iaadt embeeanscuhr me tahr ak t yi si ecl do mc upravrea bf ol er ws aimt hp tl eh ot soef loofa tt hi neg f- lroaat et i nt rga- nr acthee tsr oa nn cl yh. eSse. cToon da v, owi ed et hx ci sl updreo ba ll le ms e,c wu rei tri ee ss ttrhi catt oaur er iosrs ubeedl oawt ap aprr iacte i ds si fuf ae nr ecne t, tf hr oemr e fpoarre (t2h2e 8ptarra ns pc hr eeas d) .sSaerceu rniot ite as l cwaany sb ee qs ou ladl at ob ot hv ee pb er itmw ae reyn i st hs ue abnecnecshpmr eaardk (rHa ut e&aCg ar en et od r ,u2p0o0n6 a) .t Ttoh me da ka et es uo rf eptrhi caitnt gh ea qn ud ot theed cmo au rpgoi nn oe xf at hc tel yi naitt ipaal ry. iTe lhderreepmr easi ne ni ntgs t3h5e4stprraenacdh, ews ec oonnsl yt iitnuct el uoduert r a n c h e s t h a t a r e i s s u e d pricing subsample used to test our third hypothesis. We use several variables to control for security- specific factors. We again control for the security-design characteristics (No. of Tranches, Log Tranche Value, Log Transaction Value and Subordination), Frequent Originator, Year and Security Type. In addition, we also control for the type of market wide Benchmark Rate used, the Euro Interbank Offered Rate (EURIBOR) aa tn dt hfeo rd taht ee roifs iks se umabnecde df eo dr ti nh et ht er asnecchuer si t ii znaot iuornssatmr upclteu (r ee ., gw. , hEiUc hR Ii sB pOrRo x3i-emd obnyt thhse) Credit Rating. The specification of fifth model is: Chapter 6 - Risk Retention in the European Securitization Market
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