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The Opaqueness of structured bonds : evidence from U.S. insurance industry

Recurso electrónico / Electronic resource
Registro MARC
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008  161222e20161003che|||p |0|||b|eng d
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100  ‎$0‎MAPA20160015799‎$a‎Park, Sojung
24510‎$a‎The Opaqueness of structured bonds‎$b‎: evidence from U.S. insurance industry‎$c‎Sojung Carol Park, Jean Lemaire and Xiaoying Xie
520  ‎$a‎It has been argued that the opaqueness of structured bonds, such as mortgage-backed securities, asset-backed securities and collateral debt obligations, was one of the major causes of the recent financial crisis that started in late 2007. We analyse the evolving nature of information asymmetry inherent in various types of structured bonds by examining the U.S. insurers¿ assets. We show that, prior to 2004, structured bonds were not associated with greater information asymmetry; however, holding more multi-class structured bonds, especially privately placed bonds, increased the information asymmetry when evaluating insurers¿ assets post-2004. The effect of information asymmetry was more significant with life insurers than with non-life insurers. In addition, by investigating the rating grades of such structured bonds, we find that the market views higher-grade, privately placed, multi-class structured bonds as having the highest information asymmetry among all types of structured bonds post 2004, an effect which is, again, more significant with life insurers. This result shows that structuring complexities and unreliable ratings make structured bonds more opaque than just securitisation itself.
650 4‎$0‎MAPA20080538279‎$a‎Bonos
650 4‎$0‎MAPA20080549749‎$a‎Asimetría
650 4‎$0‎MAPA20080586294‎$a‎Mercado de seguros
650 4‎$0‎MAPA20080584580‎$a‎Demanda de seguros
650 4‎$0‎MAPA20080579814‎$a‎Crisis financiera
651 1‎$0‎MAPA20080638337‎$a‎Estados Unidos
7001 ‎$0‎MAPA20080075569‎$a‎Lemaire, Jean
7001 ‎$0‎MAPA20110016463‎$a‎Xie, Xiaoying
7730 ‎$w‎MAP20077100215‎$t‎Geneva papers on risk and insurance : issues and practice‎$d‎Geneva : The Geneva Association, 1976-‎$x‎1018-5895‎$g‎03/10/2016 Volumen 41 Número 4 - octubre 2016 , p. 650-676