Has the CDS Market Lowered the Cost of Corporate Debt
By Adam B. Ashcraft, João A. C. Santos. 2009
334 citations recorded by the source corpus.
Subfields: Finance
View Paper: https://www.semanticscholar.org/paper/33e45522d962fa080f60ad0a82378ce5f9a80233
How researchers see this paper
The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.
In Finance
- D. Tang
- Sarah Qian Wang
- Marti G. Subrahmanyam
- S. Javadi
- Abdullah Al Masum
- Patrick Augustin
- Mascia Bedendo
- Lars Norden
Citations in the corpus
- Financial Innovation and Bank Behavior: Evidence from Credit Markets (2014, background): “Ashcraft and Santos (2009) provide evidence for this channel.”
- Does the Tail Wag the Dog? The Effect of Credit Default Swaps on Credit Risk (2012, neutral): “For the buyer of protection to obtain payment from a CDS contract, a credit event must be triggered.”
- Laying off credit risk: Loan sales versus credit default swaps (2013, positive): “These results are consistent with the findings of Ashcraft and Santos (2007).”
- Originate-to-Distribute Model and the Subprime Mortgage Crisis (2011, background): “5 Seealso Ashcraft and Santos (2008) for a study on the costs and benefits of credit default swaps, and Gande and Saunders(2007) for the effect of the secondary loan sales market on the bank-specialness.”
- Sovereign and corporate credit risk: Evidence from the Eurozone (2015, background): “4 Ashcraft and Santos (2009) find that the introduction of CDSs leads to an improvement in borrowing terms for safe and transparent firms.”
- Credit Default Swaps: A Survey (2014, methodology): “Ashcraft and Santos [2009] find that, following the initiation of CDS trading, borrowing costs increase for high-risk borrowers, while they decrease for low-risk borrowers.”
- Corporate Leverage, Debt Maturity and Credit Supply: The Role of Credit Default Swaps (2013, methodology): “The Ashcraft & Santos (2009) approach does not require observing the same firm before and after CDS introduction for identification.”
- Did CDS Trading Improve the Market for Corporate Bonds (2014, neutral): “Beginning July 2002, coinciding roughly with the start of our data, transparency has been enhanced with FIPS being rolled into a larger NASD system, the Trade Reporting and Compliance Engine (TRACE). from equities to investment grade corporate bonds of the same firm.”
- The impact of climate change on the cost of bank loans (2020, positive): “Empirical evidence largely supports the predictions of this theory (Ashcraft and Santos 2009; Subrahmanyam et al. 2014; Subrahmanyam et al. 2017).”