Securitisations usually involve creating multiple tranches of a single issue with different characteristics, placed on the market as separate securities. Various theoretical explanations have been advanced to explain such tranching. This paper provides the first systematic testing of such theories using a proprietary database of over 5000 separate tranches in European securitisations raising a total of $1 trillion. 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 issued. For those issues where our model predicts a higher optimal number of tranches, we find that additional uniquely-rated tranches are associated with higher prices for the issue as a whole.
In view of the vast developments that have occurred in financial markets since the introduction of the asset securitization in 1986, it recognizes the importance of developing a comprehensive capital framework for asset securitization, including both traditional forms and synthetic forms of securitization. This research aims to examine the determinant primary market spread. Least square method and regression analysis are applied for the study period 2004–2012. The result shows one determinants in internal regression model influence or contribute to the primary market spread and are statistically significant in developing the securitization in Malaysia. It can be concluded that maturity significantly contribute to the determinant primary market spread in internal regression model and debt and crisis significant in external regression model.
Blunt trauma abdomen rarely leads to gastrointestinal injury in children and isolated gastric rupture is even rarer presentation. We are reporting a case of isolated gastric rupture after fall from height in a three year old male child.