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- W2843607897 endingPage "248" @default.
- W2843607897 startingPage "219" @default.
- W2843607897 abstract "No-arbitrage relationships characterize relative prices of credit default swaps (“CDSs”) vis-a-vis bonds and equities issued by the same reference entities. We review the empirical academic literature on which of the three markets is the Primary Price Discovery Market (“PPDM”) and find that CDS spreads lead corresponding cash bond prices in price discovery. The PPDM is more empirically ambiguous when comparing CDSs and equities. We also review the empirical evidence on the impact of the introduction of CDSs on bond and equity markets’ liquidity, which broadly demonstrates that the introduction of single-name CDS trading initially has adverse impacts on the liquidity of related debt and equity markets, but that those effects are transitory and may be later reversed as the related markets reach a joint equilibrium." @default.
- W2843607897 created "2018-07-19" @default.
- W2843607897 creator A5007331791 @default.
- W2843607897 creator A5049958845 @default.
- W2843607897 creator A5072539029 @default.
- W2843607897 date "2018-01-01" @default.
- W2843607897 modified "2023-09-22" @default.
- W2843607897 title "Inter-Market Basis Relations" @default.
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