297 lower (higher) credit ratings for tranches issued in states with lower (higher) cr er el adtiitoonr s hp irpo.t eWc tei oanl s. oH os hwoewv e trh, af ot rnKe wB RCAR, AS s& P( ,DaBnRdS Faint cdh KwBeR Af i )n da rne oms oi grne i fl ii ckaenl yt tt or a np cr ho ve i’ sd ec oal l amt eorrael i os pl ot icma ties dt i ci n raa tsitnagt e cwo mi t hp aa rleodw tcor eidnictuo mr pbreont te cCt Ri oAns. Fwi nhael nl y, twh ee find that issuers construct and sell deals with larger transaction values in more ct hr ee dqi ut oarl i ft ryi eonf dc rl ye dsitta rt ea st i. nTghs ews eh er ne siut lct os mi nedsi ct oa tteh tehlaetv eolnoef schr eoduiltdo rwpi sreoltye ci nt itoenr .p r e t Chapter 6: Should all skin-in-the-game methods be treated equally? Evidence from the European securitization market In Chapter 6, we investigate the extent to which the different regulatory risk rs ee tceunr ti it oi zna t mi o ent throa dn sc hheas vbee tawne ei mn 2p 0a c1t1 oa nn d t2h0e 2 p1 r. iAcsi nogf 2a0n1d1 , rEaut irnogpse aonf rEe ug ruol aptei oa nn requires the originator to retain a significant portion of so-called skin-in-the game, to better align the interest between the investor and originator. According to the regulation, the tranche retainer is allowed to select one of the prespecified reeqtueanltl yi obny mr eegtuhloadt iso nt o, o uh ro lrde s sukl ti ns -si hno- twh et -hgaatmi nev. eWs t oh ri lse a an ldl CmReAt sh oddosn oa rt ev atlrueea tt eh de dl oi sf fse trreannt crhi sekmr ee tt ehno tdi oans mt heet hb oa sdes ci na saen, we qeuf ai nl dmtahnant ei rn. vFeosrt oe rx sa mr epdlue c, et atkhi en gs pt hr eeafdi r as tt issuance when the tranche retainer has applied the vertical slice or on-balance sf ohre et ht emf ei rt shto ldo. s Ws ter aanl scoh ef i mn de tthhoadt . CTRhAe s r ee sx up let rs i ei nndc ei c amt eo rt eh arta t–i nagl t hdoi suagghr etehme erni stks roef t ei nnttei or ens tr ubl ee st ws ee te nf o ri st shuae rms i na ni md uimn vleesvteolr so f dsokei ns - inno-tt hnee- cg ea sms ae r–i l ya fsuelel ma l i gt on mh aevnet bmeeetnhoadttsa.ined by allowing the tranche retainer to cherry pick between different Chapter 8 - Summary (English)
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