Mitchell Centre Seminar Series
| Dates: | 25 February 2015 |
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| Times: | 16:00 - 17:30 |
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| What is it: | Seminar |
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| Organiser: | School of Social Sciences |
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Daniel Tischer, University of Manhcester
CDOs' as network(ed) products
In this seminar, I will explore the networks of firms involved in the structuration of Collateralised Debt Obligations (CDOs). In challenging the notions of CDOs as a product of one firm (e.g. ABACUS 2007-AC1 treated as Goldman’s product), I will present preliminary findings of a network analysis of the CDO market between 2002 and 2007 illustrating the complex, and often repeated interactions between firms.
The research draws on around 300 full text CDO offer documents (around 15-20% of all the CDOs issued over that period) which provide details of the firms involved in a variety of services required to bring a CDO to market: e.g. initial purchasers, issuers, collateral managers, legal advisors etc. The findings draw a mixed picture of high levels of concentration in core activities with high centrality scores for some (unexpected) actors and signs of repeated collaborations between groups of actors.
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G6
Humanities Bridgeford Street
Manchester
