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Laying off credit risk: Loan sales versus credit default swaps

Citations

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Cited by:

  1. Nimita Azam & Abdullah Mamun & George F. Tannous, 2022. "Credit derivatives and loan yields," The Financial Review, Eastern Finance Association, vol. 57(1), pages 205-241, February.
  2. Toni Ahnert & Martin Kuncl, 2019. "Loan Insurance, Market Liquidity, and Lending Standards," Staff Working Papers 19-47, Bank of Canada.
  3. Aldasoro, Iñaki & Barth, Andreas, 2017. "Syndicated loans and CDS positioning," ESRB Working Paper Series 58, European Systemic Risk Board.
  4. Martin, Xiumin & Roychowdhury, Sugata, 2015. "Do financial market developments influence accounting practices? Credit default swaps and borrowers׳ reporting conservatism," Journal of Accounting and Economics, Elsevier, vol. 59(1), pages 80-104.
  5. Amin, Abu & Jain, Pawan & Upadhyay, Arun, 2022. "CDS, CEO compensation, and firm value," Finance Research Letters, Elsevier, vol. 46(PB).
  6. Matt Darst & Ehraz Refayet, 2016. "Credit Default Swaps in General Equilibrium: Spillovers, Credit Spreads, and Endogenous Default," Finance and Economics Discussion Series 2016-042, Board of Governors of the Federal Reserve System (U.S.).
  7. Arnold, M., 2017. "The impact of central clearing on banks’ lending discipline," Journal of Financial Markets, Elsevier, vol. 36(C), pages 91-114.
  8. Wu, Deming, 2015. "The effects of government capital and liquidity support programs on bank lending: Evidence from the syndicated corporate credit market," Journal of Financial Stability, Elsevier, vol. 21(C), pages 13-25.
  9. Jie Chen & Woon Sau Leung & Wei Song & Davide Avino, 2018. "Does CDS trading affect risk-taking incentives in managerial compensation?," Working Papers 2018-19, Swansea University, School of Management.
  10. Carletti, Elena & Leonello, Agnese & Marquez, Robert, 2023. "Loan guarantees, bank underwriting policies and financial stability," Journal of Financial Economics, Elsevier, vol. 149(2), pages 260-295.
  11. Augustin, Patrick & Subrahmanyam, Marti G. & Tang, Dragon Yongjun & Wang, Sarah Qian, 2014. "Credit Default Swaps: A Survey," Foundations and Trends(R) in Finance, now publishers, vol. 9(1-2), pages 1-196, December.
  12. repec:zbw:bofrdp:2016_009 is not listed on IDEAS
  13. Oehmke, Martin & Zawadowski, Adam, 2015. "Synthetic or real? The equilibrium effects of credit default swaps on bond markets," LSE Research Online Documents on Economics 84511, London School of Economics and Political Science, LSE Library.
  14. Rustom M. Irani & Ralf R. Meisenzahl, 2015. "Loan Sales and Bank Liquidity Risk Management: Evidence from a U.S. Credit Register," Finance and Economics Discussion Series 2015-1, Board of Governors of the Federal Reserve System (U.S.).
  15. Dai, Jing & Hu, Nan & Huang, Rong & Yan, Yan, 2023. "How does credit risk affect cost management strategies? Evidence on the initiation of credit default swap and sticky cost behavior," Journal of Corporate Finance, Elsevier, vol. 80(C).
  16. Li, Jay Y. & Tang, Dragon Yongjun, 2022. "Product market competition with CDS," Journal of Corporate Finance, Elsevier, vol. 73(C).
  17. Stephen Zamore & Kwame Ohene Djan & Ilan Alon & Bersant Hobdari, 2018. "Credit Risk Research: Review and Agenda," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 54(4), pages 811-835, March.
  18. Subrahmanyam, Marti G. & Tang, Dragon Yongjun & Wang, Sarah Qian, 2014. "Credit default swaps and corporate cash holdings," CFS Working Paper Series 462, Center for Financial Studies (CFS).
  19. Beyhaghi, Mehdi & Massoud, Nadia & Saunders, Anthony, 2017. "Why and how do banks lay off credit risk? The choice between retention, loan sales and credit default swaps," Journal of Corporate Finance, Elsevier, vol. 42(C), pages 335-355.
  20. Liangfei Qiu & Ruiqi Liu & Yong Jin & Chao Ding & Yangyang Fan & Andy C. L. Yeung, 2022. "Impact of credit default swaps on firms’ operational efficiency," Production and Operations Management, Production and Operations Management Society, vol. 31(9), pages 3611-3631, September.
  21. Acharya, Viral V. & Gündüz, Yalin & Johnson, Timothy C., 2022. "Bank use of sovereign CDS in the Eurozone crisis: Hedging and risk incentives," Journal of Financial Intermediation, Elsevier, vol. 50(C).
  22. Stefano Colonnello & Michael Koetter & Moritz Stieglitz, 2021. "Benign Neglect Of Covenant Violations: Blissful Banking Or Ignorant Monitoring?," Economic Inquiry, Western Economic Association International, vol. 59(1), pages 459-477, January.
  23. Fred Ojochide Peter & Adeshola Oluwaseyi Peter & Rasak Bamidele & Mubo M. Adeniyi & Ibrahim Adama & Lydia Harry Decster & Esther Ogundipe & Bunmi S. Adioti, 2022. "Trade credit management and SMEs sustainability: a study of selected SMEs in Lagos, Nigeria," International Journal of System Assurance Engineering and Management, Springer;The Society for Reliability, Engineering Quality and Operations Management (SREQOM),India, and Division of Operation and Maintenance, Lulea University of Technology, Sweden, vol. 13(4), pages 1834-1844, August.
  24. Hans Degryse & Yalin Gündüz & Kuchulain O'Flynn & Steven Ongena, 2020. "Identifying Empty Creditors with a Shock and Micro-Data," Swiss Finance Institute Research Paper Series 20-15, Swiss Finance Institute.
  25. Nina Boyarchenko & Anna M. Costello & Or Shachar, 2018. "Credit Market Choice," Liberty Street Economics 20181017, Federal Reserve Bank of New York.
  26. Ahnert, Toni & Kuncl, Martin, 2022. "Government Loan Guarantees, Market Liquidity, and Lending Standards," CEPR Discussion Papers 14458, C.E.P.R. Discussion Papers.
  27. Gong, Di & Wu, Jin & Zhu, Jigao, 2023. "When banks' shadow fades and shadow banking rises: Securitization and loan performance in China," BOFIT Discussion Papers 4/2023, Bank of Finland Institute for Emerging Economies (BOFIT).
  28. Javadi, Siamak & Masum, Abdullah-Al, 2021. "The impact of climate change on the cost of bank loans," Journal of Corporate Finance, Elsevier, vol. 69(C).
  29. Naceur Essaddam & Miran Hossain & Tashfeen Hussain, 2023. "Do credit default swaps impact lenders’ monitoring of loans?," Review of Quantitative Finance and Accounting, Springer, vol. 61(2), pages 567-600, August.
  30. Caglio, Cecilia & Darst, R. Matthew & Parolin, Eric, 2019. "Half-full or half-empty? Financial institutions, CDS use, and corporate credit risk," Journal of Financial Intermediation, Elsevier, vol. 40(C).
  31. Guido Maretto, 2017. "Diversification and screening," Nova SBE Working Paper Series wp610, Universidade Nova de Lisboa, Nova School of Business and Economics.
  32. Jae B. Kim & Pervin Shroff & Dushyantkumar Vyas & Regina Wittenberg‐Moerman, 2018. "Credit Default Swaps and Managers’ Voluntary Disclosure," Journal of Accounting Research, Wiley Blackwell, vol. 56(3), pages 953-988, June.
  33. Nan Hu & Ling Liu & Lu Zhu, 2018. "Credit default swap spreads and annual report readability," Review of Quantitative Finance and Accounting, Springer, vol. 50(2), pages 591-621, February.
  34. Stephens, Eric & Thompson, James R., 2014. "CDS as insurance: Leaky lifeboats in stormy seas," Journal of Financial Intermediation, Elsevier, vol. 23(3), pages 279-299.
  35. R. Matthew Darst & Ehraz Refayet, 2018. "Credit Default Swaps in General Equilibrium: Endogenous Default and Credit‐Spread Spillovers," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 50(8), pages 1901-1933, December.
  36. Kuncl, Martin & Ahnert, Toni, 2019. "Loan Insurance, Adverse Selection and Screening," VfS Annual Conference 2019 (Leipzig): 30 Years after the Fall of the Berlin Wall - Democracy and Market Economy 203565, Verein für Socialpolitik / German Economic Association.
  37. Müller, Isabella & Nguyen, Huyen & Nguyen, Trang, 2024. "Carbon transition risk and corporate loan securitization," IWH Discussion Papers 22/2022, Halle Institute for Economic Research (IWH), revised 2024.
  38. Tak-Yuen Wong & Jin Yu, 2022. "Credit Default Swaps and Debt Overhang," Management Science, INFORMS, vol. 68(3), pages 2069-2097, March.
  39. Söhnke M Bartram & Jennifer Conrad & Jongsub Lee & Marti G Subrahmanyam, 2022. "Credit Default Swaps around the World," The Review of Financial Studies, Society for Financial Studies, vol. 35(5), pages 2464-2524.
  40. Marti G. Subrahmanyam & Dragon Yongjun Tang & Sarah Qian Wang, 2016. "Credit Default Swaps, Exacting Creditors and Corporate Liquidity Management," Working Papers 202016, Hong Kong Institute for Monetary Research.
  41. Daniel Streitz, 2016. "The Impact of Credit Default Swap Trading on Loan Syndication," Review of Finance, European Finance Association, vol. 20(1), pages 265-286.
  42. Hasan, Iftekhar & Wu, Deming, 2016. "Credit default swaps and bank loan sales: evidence from bank syndicated lending," Bank of Finland Research Discussion Papers 9/2016, Bank of Finland.
  43. Subrahmanyam, Marti G. & Tang, Dragon Yongjun & Wang, Sarah Qian, 2017. "Credit default swaps, exacting creditors and corporate liquidity management," Journal of Financial Economics, Elsevier, vol. 124(2), pages 395-414.
  44. Shan, Chenyu & Tang, Dragon Yongjun & Winton, Andrew, 2019. "Do banks still monitor when there is a market for credit protection?," Journal of Accounting and Economics, Elsevier, vol. 68(2).
  45. Jung Koo Kang & Christopher D. Williams & Regina Wittenberg-Moerman, 2021. "CDS trading and nonrelationship lending dynamics," Review of Accounting Studies, Springer, vol. 26(1), pages 258-292, March.
  46. Oehmke, Martin & Zawadowski, Adam, 2016. "The anatomy of the CDS market," LSE Research Online Documents on Economics 118964, London School of Economics and Political Science, LSE Library.
  47. Adam Bordeman & Peter Demerjian, 2022. "Do Borrowers Intentionally Avoid Covenant Violations? A Reexamination of the Debt Covenant Hypothesis," Journal of Accounting Research, Wiley Blackwell, vol. 60(5), pages 1741-1774, December.
  48. Isin, Adnan Anil, 2018. "Tax avoidance and cost of debt: The case for loan-specific risk mitigation and public debt financing," Journal of Corporate Finance, Elsevier, vol. 49(C), pages 344-378.
  49. Weston, James & Yimfor, Emmanuel, 2023. "Bank loans and bond prices," Journal of Corporate Finance, Elsevier, vol. 80(C).
  50. Hwang Hee Lee & Frederick Dongchuhl Oh, 2022. "The role of credit default swaps in determining corporate payout policy," Financial Management, Financial Management Association International, vol. 51(2), pages 635-661, June.
  51. Wu, Wei-Shao & Fok, Robert C.W. & Chang, Yuanchen & Chen, Chao-Jung, 2022. "Credit default swaps and corporate performance smoothing," Journal of Corporate Finance, Elsevier, vol. 75(C).
  52. Bouwman, Christa H. S., 2013. "Liquidity: How Banks Create It and How It Should Be Regulated," Working Papers 13-32, University of Pennsylvania, Wharton School, Weiss Center.
  53. Beck, Thorsten & Carletti, Elena & Goldstein, Itay, 2016. "Financial Regulation in Europe: Foundations and Challenges," CEPR Discussion Papers 11147, C.E.P.R. Discussion Papers.
  54. Tavy Ronen & Oleg Sokolinskiy & Ben Sopranzetti, 2020. "The risk management implications of using end of day consensus pricing for single name CDS," Review of Quantitative Finance and Accounting, Springer, vol. 55(1), pages 269-304, July.
  55. Stefan Arping, 2013. "Proprietary Trading and the Real Economy," Tinbergen Institute Discussion Papers 13-032/IV/DSF52, Tinbergen Institute.
  56. repec:fip:fedgfe:2014-115 is not listed on IDEAS
  57. Campello, Murillo & Matta, Rafael, 2020. "Investment risk, CDS insurance, and firm financing," European Economic Review, Elsevier, vol. 125(C).
  58. Matt Darst & Ehraz Refayet, 2019. "Mixed Signals: Investment Distortions with Adverse Selection," Finance and Economics Discussion Series 2019-044, Board of Governors of the Federal Reserve System (U.S.).
  59. Chen, Jie & Leung, Woon Sau & Song, Wei & Avino, Davide, 2023. "Does CDS trading affect risk-taking incentives in managerial compensation?," Journal of Banking & Finance, Elsevier, vol. 151(C).
  60. Hasan, Iftekhar & Wu, Deming, 2016. "Credit default swaps and bank loan sales: evidence from bank syndicated lending," Research Discussion Papers 9/2016, Bank of Finland.
  61. Ersahin, Nuri & Irani, Rustom M. & Le, Hanh, 2021. "Creditor control rights and resource allocation within firms," Journal of Financial Economics, Elsevier, vol. 139(1), pages 186-208.
  62. A. Hong, Hyun & Lobo, Gerald J. & Ryou, Ji Woo, 2019. "Financial market development and firm investment in tax avoidance: Evidence from credit default swap market," Journal of Banking & Finance, Elsevier, vol. 107(C), pages 1-1.
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