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• W1724876721 abstract "In this paper, I provide the evidence of credit default swaps (CDS, hereafter) playing new economic roles as a commitment device for the borrower (i.e. the firm) to repay its debt to the lender (i.e. the creditors). When the firm writes incomplete debt contracts, its limited ability to commit not to default strategically in the future incurs the cost of contracting that will be ultimately paid by the firm. CDS can reduce this cost ex ante by strengthening creditors’ bargaining power in distressed debt renegotiation. I identify, both theoretically and empirically, the benefit of CDS reducing the contracting cost arising from the possibility of strategic default. More specifically, I show that firms a priori most likely to face the limited commitment problem (i.e. firms with high strategic default incentives) experience a relatively larger reduction in their corporate bond spreads following the introductionof CDS." @default.
• W1724876721 created "2016-06-24" @default.
• W1724876721 creator A5047009075 @default.
• W1724876721 date "2013-04-15" @default.
• W1724876721 modified "2023-09-27" @default.
• W1724876721 title "Credit default swaps, strategic default, and the cost of corporate debt" @default.
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