Credit default swaps (CDS)—the fiercely discussed derivatives instrument since the
explosion of the recent global credit crunch—are still subject to considerable theoretical and …

Two intermediary-based factors—a corporate bond dealer inventory measure and a broad
intermediary distress measure—explain more than 40 of the puzzling common variation in …

This study finds that credit default swap (CDS) trading positively affects a firm's
environmental, social, and governance (ESG) performance. This effect is more prominent in …

This study examines whether the availability of traded credit default swaps (CDS) influences
the referenced firms' incentive to smooth their performance. We show that with the …

During the US subprime mortgage crisis, credit default swaps (CDS) played a pivotal role
and became an influential booster. However, most studies only study the systemic risk of …

Purpose Credit default swaps (CDSs) are among the most widely used credit derivatives
since their innovation and designed to hedge the credit risk of reference entities. They were …

Using a comprehensive dataset from German banks, we document the usage of sovereign
credit default swaps (CDS) during the European sovereign debt crisis of 2008–2013. Banks …

Banks are the most important users in the foreign exchange (FX) derivatives market, while
the effect of FX derivatives usage on bank capital buffer is hitherto underexplored. We …

We investigate the impact of Exchange-Traded Funds (ETFs) on the comovements of their
constituent securities using a novel identification that exploits the switch from synthetic to …

In this study, we examine whether the initiation of credit default swap (CDS) trading alters
borrowers' real earnings management activities. Creditors increase debt supply and loosen …