Research background: The exponential growth of mortgage lending has taken on increasing importance in development securitization activities market for assets throughout the world. difficulty comparing mortgage-backed securities different countries explained by varying national legal features is reason why there no international such securities. Since 2014, entered stage nationalization; as a re...

Abstract We study the problem of a seller (e.g. bank) who is privately informed about quality her asset and wants to exploit gains from trade with uninformed buyers investors) by issuing securities backed cash flows. In our setting, post menus contracts screen seller, but cannot commit only one buyer, i.e. markets are non-exclusive. show that non-exclusive behave very differently exclusive ones...

In perfect and complete financial markets Miller and Modigliani (1961) show that a firm’s value is unaffected by its dividend policy. Taxation, asymmetric information, incomplete contracts, institutional constraints, and transaction costs cause their theorem to fail in practice. We examine the effects of dividend policies on 323 securities that were listed on the London Stock Exchange between 1...

The paper discusses frameworks in which the financial sector is at the eye of the storm. In that context, policies that do not repair the damage in the financial sector are, by necessity, second‐best. Actually, aggregate demand policies – emphasized in textbook Keynesian models – may be inferior to heterodox policies that rely on credit targeting. Moreover, based on salient characteristics of m...

I develop a highly tractable, heterogeneous agent, incomplete markets dynamic stochastic general equilibrium model with collateralized lending and asset-backed securities. Agents who face aggregate and idiosyncratic investment risk can borrow by putting up their investments as collateral. Borrowers can default at any time, with the only penalty being the confiscation of collateral. The debt con...

this paper is a comparative study of legal aspect of islamic securities (sukuk), between iran (as shia fiqh) malaysia (as the first country that issued sukuk based on sonni fiqh) and england (as a chief western country in sukuk). results indicate many similarities between iran and malaysia rules despite specifications with england rules. different in definition of contract, asset valuation, lim...