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Darst et al., 2018 - Google Patents

Credit Default Swaps in General Equilibrium: Endogenous Default and Credit‐Spread Spillovers

Darst et al., 2018

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Document ID
7699708281838927072
Author
Darst R
Refayet E
Publication year
Publication venue
Journal of Money, Credit and Banking

External Links

Snippet

This paper shows that credit default swaps (CDS) can affect the type of debt firms issue. Firms face a trade‐off between investment scale and the cost of capital measured by the credit spread. Small‐scale investment is safe, fully collateralized, but earns modest profits in …
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