Understanding Changes in Corporate Credit Spreads

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Corporate hedging and the cost of debt (2014, background): “On the other hand, Avramov, Jostova, and Philipov (2007) and Hibbert, Pavlova, and Dandapani (2011) report significantly positive effects.”
The Determinants of CDS Spreads (2014, methodology): “Electronic copy available at: https://ssrn.com/abstract=2361872 12 This finding differs from findings by Avramov et al. (2007) and Ericsson et al. (2009), who concluded that firm-specific variables inspired by structural models capture most of the systematic variation in credit-spread changes.”
An Analysis of the Determinants of Credit Default Swap Spread Changes Before and During the Subprime Financial Turmoil (2010, background): “Blanco et al. (2005) find that CDS and bond markets reflect firm-specific characteristics equally in the long run, while in the short run CDS prices appear to be more efficient than bond spreads in the price discovery process. Zhu (2004) confirms that credit risk tends to be priced equally in the tw”
The Market for Corporate Control and the Cost of Debt (2009, background): “8See Collin-Dufresne, Goldstein, and Martin (2001), Campbell and Taksler (2003), Ericsson, Jacobs, and Oviedo-Helfenberger (2005), and Avramov, Jostova, and Philipov (2007), among others.”
What Determines Euro Area Bank CDS Spreads (2010, background): “Either it is not significant or its sign depends on the exact regression specification and the choice of other explanatory variables (Avramov et al., 2007).”