Download Asset-Backed Securities: Ein Produkt fur deutsche Banken by Niklas Bartelt PDF

By Niklas Bartelt

Nach dem großen Erfolg in den united states gewinnen die Asset-Backed Securities auch in Deutschland immer mehr an Bedeutung. Niklas Bartelt stellt dar, warum und unter welchen Bedingungen Asset-Backed Securities konkurrierenden Finanzierungsformen überlegen sind. Anhand der aufgezeigten Effizienzkriterien leitet der Autor einen Strategieprozess für Banken, die Asset-Backed Securities anbieten möchten, ab und entwickelt eine Vorgehensweise zur Strukturierung und Absicherung dieser Finanzierungsform. Auf der Grundlage einer in den united states durchgeführten empirischen Untersuchung gibt Niklas Bartelt Handlungsempfehlungen zur Umsetzung in Banken und Unternehmen.

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Diese werden auf geeignete Bank- und Marktintermediare tibertragen. Hier zeigt sich, daB dieser Ansatz auf die Gedanken des unbundlings von Dufey / Giddy zurtickgeht. 1 verwiesen werden. Diamond gibt aber einen wichtigen Hinweis fUr die Erklarung der ABS, wenn er die Bedeutung des Diversifikationseffekts durch den Pool der verbrieften Forderungen bei den ABS betont,179 was im folgenden zu berticksichtigen sein wird. 2 Diamond I Dybvig Das Modell von Diamond / Dybvig wendet sich der Passivseite der Finanzintermediare zu.

Damit ist es indirekt auch moglich Unvollkommenheiten bzw. Unvollstlindigkeiten des Kapitalmarktes zu identifizieren, welche die ABS - unter bestimmten Umstlinden besser heilen konnen als andere Finanzierungsinstrumente. Gleichzeitig solI so auch erkllirt werden, warum die ABS gerade zu diesem Zeitpunkt entstanden sind. Die Ergebnisse konnen helfen abzuschlitzen, ob der komparative Vorteil nur kurzfristiger Natur ist oder grundslitzlichen Charakter hat. Sie konnen darnit erleichtern zu klliren, ob und wie eine Produktstrategie flir ABS von deutschen Banken zu entwicken ist.

1 Diamond Diamond entwickelt ein Modell zur Erkliirung der Existenz der Bankintermediation. 169 Er untersucht dabei zahlreiche risikoneutrale Untemehmer und Investoren. Die mittellosen Untemehmer (Agenten) verftigen jeweils tiber ein Investitionsprojekt, das zu stochastischen Rtickfltissen fUhrt. Die Investoren (Principals) sind bereit, diese Investitionsprojekte zu finanzieren, da die erwartete 164 165 166 167 168 169 Vgl. Rasmusen, Eric, Games, S. 165 - 168. Vgl. Jensen, Michael C. , Theory, S.

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