G2TT
来源类型Discussion paper
规范类型论文
来源IDDP15668
DP15668 Credit default swaps around the world
Söhnke Bartram; Jennifer Conrad; Jongsub Lee; Marti Subrahmanyam
发表日期2021-01-14
出版年2021
语种英语
摘要We analyze the impact of the introduction of credit default swaps (CDS) on real decision making within the firm. Our structural model predicts that CDS introduction increases debt capacity more when uncertainty about the credit events that trigger CDS payment is lower. Using a sample of more than 56,000 firms across 51 countries, we find that CDS increase leverage more in legal and market environments where uncertainty regarding CDS obligations is reduced and when property rights are weaker. Our results highlight the importance of legal uncertainty surrounding the interpretation of the underlying trigger events of global credit derivatives.
主题Financial Economics ; International Macroeconomics and Finance
关键词Credit default swaps Cds Investment policy Financing policy Creditor rights Property rights Ownership concentration
URLhttps://cepr.org/publications/dp15668-0
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/544679
推荐引用方式
GB/T 7714
Söhnke Bartram,Jennifer Conrad,Jongsub Lee,et al. DP15668 Credit default swaps around the world. 2021.
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