Credit default swaps around the world
We analyze the impact of the introduction of credit default swaps (CDSs) on real decision-
making within the firm. Our structural model predicts that CDS introduction increases debt …
making within the firm. Our structural model predicts that CDS introduction increases debt …
Shareholder bargaining power and the emergence of empty creditors
Credit default swaps (CDSs) can create empty creditors who potentially force borrowers into
inefficient bankruptcy but also reduce shareholders' incentives to default strategically. We …
inefficient bankruptcy but also reduce shareholders' incentives to default strategically. We …
Credit default swaps and firm cyclicality
We find firm cyclicality decreases by 40% after the inception of credit default swap (CDS)
trading. The effect stems from CDS firms' less aggressive asset growth in good times and is …
trading. The effect stems from CDS firms' less aggressive asset growth in good times and is …
Credit default swaps and debt overhang
We analyze the impact of credit default swaps (CDSs) trading on firm investment, long-term
debt financing, and valuation. In our model, the firm is endowed with a real option to initiate …
debt financing, and valuation. In our model, the firm is endowed with a real option to initiate …
Half-full or half-empty? Financial institutions, CDS use, and corporate credit risk
We construct a novel dataset that matches bank holding company credit default swap (CDS)
positions to detailed US credit registry data containing both loan and corporate bond …
positions to detailed US credit registry data containing both loan and corporate bond …
Financial market development and firm investment in tax avoidance: Evidence from credit default swap market
Lenders reduce their monitoring efforts after hedging their credit risk exposure through credit
default swap (CDS) contracts, which are akin to insurance against borrowers' adverse credit …
default swap (CDS) contracts, which are akin to insurance against borrowers' adverse credit …
Boosted credit ratings in China: the effects of credit enhancement on bond pricing
H Gao, Y Huang, J Mo - Available at SSRN 3549270, 2022 - papers.ssrn.com
Almost 25% of credit bonds issued in China between 2009 and 2019 received improved
issuance ratings, 97.1% of which used credit enhancement. We find that credit enhancement …
issuance ratings, 97.1% of which used credit enhancement. We find that credit enhancement …
[图书][B] CDS and credit: Testing the small bang theory of the financial universe with micro data
Does hedging motivate CDS trading and does that affect the availability of credit? To answer
these questions we couple comprehensive bank-firm level CDS trading data from the …
these questions we couple comprehensive bank-firm level CDS trading data from the …
Dark knights: The rise in firm intervention by credit default swap investors
There have been several cases in recent years where credit default swap (CDS) buyers and
sellers intervene in the restructuring of a distressed firm. We show theoretically that this can …
sellers intervene in the restructuring of a distressed firm. We show theoretically that this can …
The Relationship Between Credit Default Swap (Cds), Central Government External Debt Stock, and the Current Account Deficit in Türkiye
E Noyan, Aİ Özpençe - İnsan ve Toplum Bilimleri Araştırmaları …, 2023 - dergipark.org.tr
Debt ratios are often a static indicator of the borrowing situation in an economy. Since the
debt burden, interest burden, or ratio to the national income of an economy shows the …
debt burden, interest burden, or ratio to the national income of an economy shows the …