We propose a modeling approach to disentangle how idiosyncratic and aggregate shocks
shape the impact of credit default swaps (CDSs) on CDS firms' financial decisions. Our …

Corporate credit derivatives, mainly referring to single-name or index credit default swaps or
CDSs, are over-the-counter contracts between two counterparties (the “buyer” and “seller”) …

The thesis comprises three essays which reveal previously undetected costs and benefits of
Credit Default Swaps (CDSs). Chapter 2 empirically studies the effect of credit derivatives on …