Credit default swaps (CDS) have grown to be a multi-trillion-dollar, globally important
market. The academic literature on CDS has developed in parallel with the market practices …

Purpose Based on a sample of 1,872 firm-year observations for 573 global firms over the
period 2013–2016, this study aims to provide empirical evidence on how environmental …

Amid growing concern over sustainability issues, there is increasing demand to incorporate
environmental and social issues into assessments of credit risk, the possibility of loss …

Navigating the complex landscape of corporate climate disclosures and their real impacts is
crucial for managing climate-related financial risks. However, current disclosures oftentimes …

We exploit information in sovereign CDS spreads and the international trade network to
provide causal evidence of the propagation of global economic shocks. We show that trade …

Corporate climate disclosures are considered an essential prerequisite to managing climate-
related financial risks. At the same time, current disclosures are imprecise, inaccurate, and …

US firms recorded an unprecedented number of asset impairments during the recent
financial crisis. We investigate the timing of these losses in the context of two competing …

Using data for 54 countries over a 12‐year period, we find that the variation in average
sovereign ratings in a given year can be explained by average credit default swap (CDS) …

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 …

We propose and estimate several models controlling for firm‐specific information, to
examine the relation of macroeconomic variables with the probability of default of firms in the …