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Portfolio sales and signaling

Bougheas, Spiros; Worrall, Tim

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Tim Worrall


This paper extends the DeMarzo and Duffie (1999) signaling model from single sales to portfolio sales. It shows that the extended model can account for retention of low quality assets and help explain why retained assets may be of varying quality.


Bougheas, S., & Worrall, T. (2019). Portfolio sales and signaling. Journal of Banking and Finance, 99, 182-191.

Journal Article Type Article
Acceptance Date Dec 12, 2018
Online Publication Date Dec 19, 2018
Publication Date Feb 28, 2019
Deposit Date Dec 14, 2018
Publicly Available Date Jun 20, 2020
Journal Journal of Banking & Finance
Print ISSN 0378-4266
Electronic ISSN 1872-6372
Publisher Elsevier
Peer Reviewed Peer Reviewed
Volume 99
Article Number 182-191
Pages 182-191
Keywords Securitization; Signaling; Skin in the game
Public URL
Publisher URL
Additional Information This article is maintained by: Elsevier; Article Title: Portfolio sales and signaling; Journal Title: Journal of Banking & Finance; CrossRef DOI link to publisher maintained version:; Content Type: article; Copyright: © 2018 Elsevier B.V. All rights reserved.
Contract Date Dec 14, 2018


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