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- W2620177497 abstract "Prior studies show that a lender’s incentive to monitor a client’s activities declines after receiving insurance on its loan via a credit default swap (CDS). We examine whether this altered debtor-creditor relation affects borrowers’ investment activities. We hypothesize that the borrower enhances activities that were previously constrained by lender monitoring. It shifts from safe to risky assets to increase the value of call options built into shareholder investments. We do not find support, on average, for this proposition. However, when managers’ wealth increases convexly with firm assets, borrowers increase risky investments and dividend payouts after the onset of CDS trading." @default.
- W2620177497 created "2017-06-05" @default.
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- W2620177497 date "2017-01-01" @default.
- W2620177497 modified "2023-09-27" @default.
- W2620177497 title "You Blinked: The Role and Incentives of Managers in Increasing Corporate Risks Following the Inception of Credit Default Swap Trade" @default.
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- W2620177497 doi "https://doi.org/10.2139/ssrn.2898987" @default.
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