We investigate the connections between bank capital regulation and the prevalence of
lightly regulated nonbanks (shadow banks) in the US corporate loan market. For …

Many observers have argued that credit default swaps contributed significantly to the credit
crisis. Of particular concern to these observers are that credit default swaps trade in the …

We show that credit default swap (CDS) trading on a firm's debt positively influences its
technological innovation output measured by patents and patent citations. This positive …

We systematically review the recent empirical literature to investigate whether and how
securitization influences bank behaviour and its implication on financial stability. We find …

Credit default swaps (CDS) have been growing in importance in the global financial
markets. However, their role has been hotly debated, in industry and academia, particularly …

We use credit default swaps (CDS) trading data to demonstrate that the credit risk of
reference firms, reflected in rating downgrades and bankruptcies, increases significantly …

Using novel position and trading data for single-name corporate credit default swaps
(CDSs), we provide evidence that CDS markets emerge as “alternative trading venues” …

Does the ability of suppliers of corporate debt capital to hedge risk through credit default
swap (CDS) contracts impact firms' capital structures? We find that firms with traded CDS …

Many have claimed that credit default swaps (CDSs) have lowered the cost of debt financing
to firms by creating new hedging opportunities and information for investors. This paper …

We estimate a structural model of bank portfolio lending and find that the typical US
community bank reduced its business lending during the global financial crisis. The decline …