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- W2761521156 abstract "We study the influence of credit default swaps (CDS) trading on the costs of bond intermediation. After CDS initiation, CDS firms pay 12-28% (8-20 basis points) lower underwriting fees than similar non-CDS firms do. Underwriting fees decline more for riskier issuers and illiquid bonds for which the ability to hedge with CDS is more valuable. In bond offerings, participation by investors facing risk-based regulatory requirements increases after CDS initiation. Our evidence suggests that CDS-driven innovations in risk sharing contribute to the transactional efficiency of the market by reducing the financial intermediation costs of placing bonds." @default.
- W2761521156 created "2017-10-20" @default.
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- W2761521156 date "2017-01-01" @default.
- W2761521156 modified "2023-09-28" @default.
- W2761521156 title "Financial Innovation and Financial Intermediation: Evidence from Credit Default Swaps" @default.
- W2761521156 doi "https://doi.org/10.2139/ssrn.2902884" @default.
- W2761521156 hasPublicationYear "2017" @default.
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