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来源类型 | Discussion paper |
规范类型 | 论文 |
来源ID | DP15668 |
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 |
URL | https://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. |
条目包含的文件 | 条目无相关文件。 |
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