Are Credit Default Swaps a Sideshow? Evidence That Information Flows from Equity to CDS Markets

By Jens Hilscher, Joshua Pollet, Mungo Wilson. Journal of Financial and Quantitative Analysis, 2015

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Credit Default Swaps: A Survey (2014, methodology): “Hirtle [2009] uses a proprietary bank micro dataset of individual corporate loans to explore whether the use of credit derivatives is associated with an increase in bank credit supply.”
The Cross-Section of Credit Risk Premia and Equity Returns (2013, unknown): “Conversely, Hilscher et al. (2011) argue that informed traders are mainly present in the equity market and provide evidence that equity returns lead credit protection returns.”