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首页> 外文期刊>The North American journal of economics and finance >Convertible tranche in securitization
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Convertible tranche in securitization

机译：证券化的可兑换

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摘要

It is essential to motivate a banker in order to diligently screen borrowers if the banker has the option to securitize its loans and sell part of it to outside investors. Based on theoretical analysis and experimental research, we propose that issuing a convertible tranche in securitization can not only motivate a banker to exert greater effort to screen loans, but also lead to higher prices for selling tranches. A convertible tranche can also increase the sale proportion of the loan pool under the condition of ensuring socially optimal effort, thereby increasing more social surplus than a static tranche. The optimal convertible proportion is positively related to the natural proportion of high-default-risk borrowers, the borrowers' default possibilities, and the screening cost. The value of the convertible option is higher in an economic downturn. Consequently, not only should regulators formulate policies on the convertible proportion under consideration of the economic state, but also adopt a counter-cyclical policy.
机译：如果银行家可以选择将其贷款销售给外部投资者，则激励一位银行家才能努力努力筹集借款人。基于理论分析和实验研究，我们建议在证券化中发出可兑换款项，不仅可以激励一位银行家努力筹集筛选贷款，但也导致销售销售价格上涨。可兑换款式在确保社会最佳努力的条件下，还可以增加贷款池的销售比例，从而增加比静态金属的社会盈余更多。最佳可换股比例与高默认风险借款人的自然比例呈正相关，借款人的违约可能性以及筛选成本。经济衰退的可转换期权的价值更高。因此，监管机构不仅应在经济状况审议的敞篷车比例方面制定政策，而且还采用了一个反周期政策。

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