Credit default swaps, exacting creditors and corporate liquidity management

We investigate the liquidity management of firms following the inception of credit default swaps (CDS) markets on their debt, which allow hedging and speculative trading on credit risk to be carried out by creditors and other parties. We find that reference firms hold more cash after CDS trading com...

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Veröffentlicht in:	Journal of financial economics 2017-05, Vol.124 (2), p.395-414
Hauptverfasser:	Subrahmanyam, Marti G., Tang, Dragon Yongjun, Wang, Sarah Qian
Format:	Artikel
Sprache:	eng
Schlagworte:	Cash Collateralized debt obligations Companies Credit default swaps Credit risk Creditors Empty creditors International finance Investment bankers Leverage Liquidity Markets Trading
Online-Zugang:	Volltext
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