Credit default swaps and corporate debt structure

被引：3

作者：

Chen, Yangyang ^{[1
]}

Saffar, Walid ^{[2
]}

Shan, Chenyu ^{[3
]}

Wang, Sarah Qian ^{[4
]}

机构：

[1] City Univ Hong Kong, LAU 13-202, Hong Kong, Peoples R China

[2] Hong Kong Polytech Univ, Sch Accounting & Finance, M 725,Li Ka Shing Tower, Hong Kong, Peoples R China

[3] Shanghai Univ Finance & Econ, Rm 323,Tongde Bldg,100 Wudong Rd, Shanghai 200433, Peoples R China

[4] Univ Warwick, Warwick Business Sch, Finance Grp, Coventry CV4 7AL, England

来源：

JOURNAL OF CORPORATE FINANCE | 2023年 / 83卷

关键词：

Credit default swaps; Corporate debt structure; Hedging; Information environment; PUBLIC DEBT; BANK DEBT; CHOICE; PRIVATE; DERIVATIVES; OWNERSHIP; LIQUIDITY;

D O I：

10.1016/j.jcorpfin.2023.102494

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Whether and how credit default swaps (CDSs) affect corporate debt structure remains an unanswered question. We find that firms use more public debt relative to bank debt when CDSs referencing their debt start trading. The results are robust to the endogeneity of CDS trading. Furthermore, the increase in public debt is concentrated in senior bonds and notes, which are the most common CDS reference assets. The effect of CDS trading is most pronounced when bond underwriters take a net selling CDS position and for informationally opaque firms. These findings suggest that the hedging and informational roles of CDSs have real effects on corporate debt structure.

引用

页数：21

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