Credit Default Swaps around the World
نویسندگان
چکیده
Abstract We analyze the impact of introduction credit default swaps (CDSs) on real decision-making within firm. Our structural model predicts that CDS increases debt capacity more when uncertainty about events trigger payment is lower. Using a sample than 56,000 firms across 51 countries, we find CDSs increase leverage in legal and market environments where obligations reduced property rights are weaker. results highlight importance interpretation underlying global derivatives.
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ژورنال
عنوان ژورنال: Review of Financial Studies
سال: 2021
ISSN: ['0893-9454', '1465-7368']
DOI: https://doi.org/10.1093/rfs/hhab092