Are the following statements true or false? Briefly discuss the validity or otherwise of each.

(a) Adverse selection results in the under-issuance of good securities. (2 marks)

(b) When a bank's loans lose value, the bank's capital also falls. (2 marks)

(c) Unlike tranched securitisations, pass-through securitisations do not encourage originator recklessness. (2 marks)

(d) Under Basel III, the regulator's role with regards to bank capital adequacy management is minimal. (2 marks)

(e) In a semi-strong-form efficient market, technical analysis would be useless. (2 marks)