Zugl.: Köln, Fachhochsch., Diplomarbeit.

Thesis (Ph. D.)--University of Chicago, Graduate School of Business, August 2000. / Includes bibliographical references. Also available on the Internet.

Lethal carnivore management, aimed at reducing carnivore impacts, threatens the persistence of carnivores globally. The effects of killing carnivores will depend on their life histories and social structures. Smaller canids, like black-backed jackals (Canis mesomelas), are highly adaptable and display variable population-level responses to mortality sources, which may contribute to their success in fragmented landscapes. Jackals, the dominant predator of livestock in South Africa, are widely hunted to reduce this predation. This hunting is heterogeneous across the landscape, focussed on livestock and game farms, with nature reserves acting as refuges. The aim of this research was to investigate the ecology and population dynamics of jackals in response to heterogeneous anthropogenic mortality. I hypothesized that the spatial variation in hunting results in the formation of a source-sink population structure, which contributes to the persistence of jackals. I addressed this hypothesis by evaluating two criteria, essential for the formation of a source-sink system in larger mammals. Firstly, I confirm that hunting pressures result in the formation of distinct subpopulations with asymmetrical dispersal (i.e. compensatory immigration) from unhunted reserves to neighbouring hunted farms. Secondly, I show that jackal subpopulation display asynchronous demographics, with farm populations displaying a relatively younger age structure and an associated increase in reproductive output (i.e. compensatory reproduction). This confirms the formation of a hunting-induced source-sink system. additionally, I show that jackals have a catholic diet, which confers a level of adaptability to direct (anthropogenic mortality, prey provisioning) and indirect (alteration in prey base) habitat modifications. This dietary flexibility allows jackals to obtain the appropriate resources to achieve reproductive condition. The relatively better body condition of younger jackals in sink habitats allows for compensatory reproduction which contributes to the success of jackals on hunted farms. Based on my findings, I hypothesize that the compensatory life history responses of jackals to anthropogenic mortality may be ascribed to two interconnected mechanism. Dispersal is presumably driven by density-dependent interference competition, as dominant territorial pairs outcompete subordinates in high-density reserve areas, forcing them to disperse onto low-density farms (i.e. ideal despotic model). Additionally, farms likely represent attractive habitats, owing to a reduction in conspecifics and a concomitant increase in resource availability (including anthropogenic resource provisioning). Therefore, dispersing subordinates presumably select for farms which are perceived as good quality habitats, as the high risks of anthropogenic mortality cannot be perceived by dispersing individuals. This results in the formation of an attractive sink or ecological trap. These compensatory processes will continue to counter population management actions as long as recruitment from unmanaged areas persists. This hypothesis provides a conceptual framework for future research directions in understanding jackal persistence and management (i.e. specifically focussing on controlling dispersal) of jackal populations.

In the first chapter we introduce securitisations and discuss the current state of structured finance in Europe; we also explore the main trends in securitisations and future prospects. Next, we provide a general introduction to the theoretical and empirical literature concerning securitisations and structured finance more generally: we discuss theoretical hypotheses concerning different rationales for structured credit and explore the empirical literature on the topic. In the second chapter, we look at financial contracts determining implicit boundaries of a firm. In the spirit of the incomplete contract theory, we analyse optimal allocations of control in financial contracts involving limits on managerial discretion and legal separation of assets. Our model explores the interplay between different groups of creditors and managers in a symmetric information environment. The results display optimality conditions for different contracts from asset-backed securities through project finance to debt with covenants vis-a-vis a standard debt contract. In the third chapter, we provide the first systematic testing of the theories of tranching. We find support for asymmetric information and market segmentation explanations for tranching and present evidence on how such different rationales influence the structuring process in practice. We also investigate the impact of tranching on the price of securities at the issue level. In the fourth chapter, we investigate determinants of launch spreads in securitisation transactions. First, we develop a reduced-form pricing model of tranches across different transaction types and test it. We document the importance of credit ratings for prices of structured securities. Next, we test for the effect of tranching on pricing of individual securities. Finally, we develop a simultaneous equations supply and demand model with endogenous structuring to further investigate the effects of structuring on prices at launch. In the fifth chapter, we investigate returns to equity around securitisation dates, and explore how different factors influence the size and the direction of the potential effects. We find significant, positive, and consistent abnormal returns to equity on the pricing date, over longer event windows, and over the period immediately prior to the issue date. We find support for the theory that equity holders in well-capitalised banks and firms with low gearing benefit from securitisations. Furthermore, we show that more developed securitisation markets, larger issuers, and banks in particular all benefit from securitisations.

by Lo Kwok Cheong, Tang Wai Hing. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1997. / Includes bibliographical references (leaves 97-99). / ABSTRACT --- p.ii / TABLE OF CONTENT --- p.iv / LIST OF CHARTS/TABLES --- p.vii / Chapter I. --- INTRODUCTION --- p.1 / Securitization and Secondary Mortgage Market --- p.1 / Securitization --- p.1 / Secondary Mortgage Market --- p.3 / Reasons for Mortgage Securitization --- p.4 / Types of Mortgage Backed Securities --- p.7 / Mortgage Pass-Through Securities --- p.7 / Mortgage-Backed Bonds --- p.8 / Mortgage Pay-Through Bonds --- p.8 / Collateralised Mortgage Obligations ( CMOs) --- p.9 / Stripped Mortgage-backed Securities ( SMBS ) --- p.11 / Chapter II. --- MBS MARKET EXPERIENCE IN OTHER COUNTRIES --- p.14 / United States --- p.14 / Rise of Securitization in US Market --- p.20 / MBS Market Development in United States --- p.22 / Key Success Factors for MBS Development in US --- p.27 / United Kingdom --- p.28 / MBS Market Development in UK --- p.29 / Credit Enhancement and Credit Rating --- p.32 / Legal and Regulatory Framework --- p.32 / Future Development --- p.34 / Australia --- p.37 / MBS Market Development in Australia --- p.37 / Credit Enhancement --- p.39 / Legal and Regulatory Framework --- p.40 / Future Development --- p.41 / Chapter III. --- MORTGAGE MARKET IN HONG KONG --- p.43 / Primary Mortgage Market condition in Hong Kong --- p.43 / Latest Residential Mortgage Conditions --- p.46 / Mortgage Securitization experience in Hong Kong --- p.50 / Chapter IV. --- HONG KONG MONETARY AUTHORITY'S MBS MARKET DEVELOPMENT PLAN --- p.51 / Survey on Primary Market by HKMA --- p.51 / Findings of the Survey --- p.52 / Implications of the Survey Findings --- p.53 / Reliability of the Survey Findings --- p.55 / The Mortgage Corporation Approach --- p.57 / Mortgage Corporation Proposal --- p.58 / Projection of the shortfall in mortgage funds --- p.60 / Impact on banks' mortgage business --- p.61 / Impact on the property sector --- p.62 / Impact on the Government --- p.62 / Corporate structure and the involvement of the HKMA --- p.63 / Issuance of debt securities by the mortgage corporation --- p.64 / Chapter V. --- IMPLICATIONS OF MBS DEVELOPMENT TO HONG KONG --- p.65 / Property Market --- p.65 / Banking Sector --- p.66 / Consumers --- p.69 / Debt Market --- p.69 / Chapter VI. --- FACTORS INFLUENCING ADOPTION OF MBS IN HONG KONG --- p.72 / Asset Quality --- p.72 / Quality of underlying mortgage pool --- p.73 / Credit enhancement --- p.74 / Prepayment Risk --- p.75 / Liquidity --- p.75 / Market Size --- p.76 / Standardisation --- p.77 / Credit Rating --- p.78 / Transparency --- p.78 / Chapter VII. --- RESEARCH DESIGN AND EMPIRICAL FINDINGS --- p.79 / Objective --- p.79 / Target Respondents Sampling --- p.80 / Survey Design --- p.80 / Empirical Findings --- p.82 / Chapter VIII. --- RECOMMENDATIONS --- p.89 / Simplicity --- p.89 / Credit Rating --- p.90 / Standardisation --- p.92 / Supporting Infrastructure --- p.93 / Secondary Market Liquidity --- p.94 / Marketing Effort --- p.94 / Chapter IX. --- SUMMARY AND CONCLUSIONS --- p.95 / BIBLIOGRAPHY --- p.97 / Books --- p.97 / Reports --- p.97 / Periodicals --- p.97 / Internet Homepages --- p.98 / APPENDIX --- p.100

Má diplomová práce se zabývá Mortgage Backed Securities, což jsou cenné papíry kryté hypotékami. V první části práce jsou MBS zobrazeny jako část skupiny strukturovaných aktiv. Je zde provedeno jejich srovnání s ostatními sekuritizačními instrumenty z hlediska struktury a vlastností a také je znázorněno jaká část jim připadá na sekuritizačním trhu. V další části je věnován důraz na podkladová aktiva MBS, tedy hypotéky. Důkladně je rozebrán americký hypoteční trh, druhy a objem poskytnutých půjček a jejich specifika. Jsou popsány polovládní agentury specifické pro americký trh, které napomáhají rozvoji hypotečního trhu. Hlavní část práce je věnována popisu tvorby Mortgage Backed Security, značná část se zabývá jednotlivými druhy a charakteristikami MBS. Je zde popsáno, jaký druh je vhodný pro určité typy investorů. Důraz je kladen na riziko předčasného splacení, tedy riziko spojené pouze s hypotéčními produkty. Závěrečná kapitola se věnuje jednotlivým typům MBS ze statistického hlediska. Je znázorněn jejich celkový objem na dvou hlavních trzích, v USA a Evropě, dále jsou popsány počty emisí jednotlivých druhů a další zajímavé statistické údaje spojené s MBS trhy.

Thesis (M. Phil.)--University of Hong Kong, 2001. / Includes bibliographical references (leaves 71-76).

Thesis (Ph. D.)--West Virginia University, 2004. / Title from document title page. Document formatted into pages; contains vii, 117 p. : ill. (some col.). Includes abstract. Includes bibliographical references (p. 112-117).

WirtschaftsUniversiẗat, Diplomarbeit u.d.T.: Pichler, Marc: Ein @Einblick in asset backed securities--Wien, 2008.

Title from PDF of title page (University of Missouri--Columbia, viewed on Feb 16, 2010). The entire thesis text is included in the research.pdf file; the official abstract appears in the short.pdf file; a non-technical public abstract appears in the public.pdf file. Dissertation advisor: Dr. Ronald Ratti. Vita. Includes bibliographical references.