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An Economic Analysis of Collateraliz...

Kundu, Shohini.

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An Economic Analysis of Collateralized Loan Obligations.

Record Type:	Electronic resources : Monograph/item
Title/Author:	An Economic Analysis of Collateralized Loan Obligations./
Author:	Kundu, Shohini.
Published:	Ann Arbor : ProQuest Dissertations & Theses, : 2021,
Description:	256 p.
Notes:	Source: Dissertations Abstracts International, Volume: 83-01, Section: A.
Contained By:	Dissertations Abstracts International83-01A.
Subject:	Finance. -
Online resource:	https://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=28491467
ISBN:	9798516959295

An Economic Analysis of Collateralized Loan Obligations.
Kundu, Shohini.

An Economic Analysis of Collateralized Loan Obligations. - Ann Arbor : ProQuest Dissertations & Theses, 2021 - 256 p.

Source: Dissertations Abstracts International, Volume: 83-01, Section: A.

Thesis (Ph.D.)--The University of Chicago, 2021.

This item must not be sold to any third party vendors.

This dissertation, consisting of three chapters, explores fire sale risk and contagion emanating from covenants intrinsic to optimal contracts in the Collateralized Loan Obligation (CLO) market. In the first chapter, I describe the rise of the market and the importance of covenants in the capital structure and design of CLOs. In the second chapter, I demonstrate how covenants may generate price pressure and fire sale risk around adverse credit events. In the third chapter, I explore the unintended consequences of covenants on innocent bystanders -- firms with no direct exposure to the source of distress. Unearthing latent risks in the leveraged loan market is important for understanding novel sources of financial fragility and mechanisms of amplification of shocks.

ISBN: 9798516959295Subjects--Topical Terms:

542899
Finance.
Subjects--Index Terms:

Collateralized loan obligation

An Economic Analysis of Collateralized Loan Obligations.
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100 1 $a Kundu, Shohini. $3 3564508
245 1 3 $a An Economic Analysis of Collateralized Loan Obligations.
260 1 $a Ann Arbor : $b ProQuest Dissertations & Theses, $c 2021
300 $a 256 p.
500 $a Source: Dissertations Abstracts International, Volume: 83-01, Section: A.
500 $a Advisor: Kashyap, Anil.
502 $a Thesis (Ph.D.)--The University of Chicago, 2021.
506 $a This item must not be sold to any third party vendors.
520 $a This dissertation, consisting of three chapters, explores fire sale risk and contagion emanating from covenants intrinsic to optimal contracts in the Collateralized Loan Obligation (CLO) market. In the first chapter, I describe the rise of the market and the importance of covenants in the capital structure and design of CLOs. In the second chapter, I demonstrate how covenants may generate price pressure and fire sale risk around adverse credit events. In the third chapter, I explore the unintended consequences of covenants on innocent bystanders -- firms with no direct exposure to the source of distress. Unearthing latent risks in the leveraged loan market is important for understanding novel sources of financial fragility and mechanisms of amplification of shocks.
590 $a School code: 0330.
650 4 $a Finance. $3 542899
650 4 $a Covenants. $3 3560945
650 4 $a Trends. $3 3560051
650 4 $a Crude oil prices. $3 3564293
650 4 $a Crude oil. $3 3561710
653 $a Collateralized loan obligation
653 $a Covenants
653 $a Fire sales
653 $a Intermediary asset pricing
653 $a Leveraged loans
653 $a Macroprudential regulation
690 $a 0508
690 $a 0501
690 $a 0272
690 $a 0511
710 2 $a The University of Chicago. $b Business. $3 1671506
773 0 $t Dissertations Abstracts International $g 83-01A.
790 $a 0330
791 $a Ph.D.
792 $a 2021
793 $a English
856 4 0 $u https://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=28491467