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2015-03-09Buch DOI: 10.18452/4569
The Impact of Credit Default Swap Trading on Loan Syndication
dc.contributor.authorStreitz, Daniel
dc.date.accessioned2017-06-16T01:12:34Z
dc.date.available2017-06-16T01:12:34Z
dc.date.created2015-06-18
dc.date.issued2015-03-09
dc.date.submitted2015-03-09
dc.identifier.issn1860-5664
dc.identifier.urihttp://edoc.hu-berlin.de/18452/5221
dc.description.abstractWe analyze the impact of CDS trading on bank syndication activity. Theoretically, the effect of CDS trading is ambiguous: on the one hand, CDS can improve risksharing and hence be a more flexible risk management tool than loan syndication; on the other hand, CDS trading can reduce bank monitoring incentives. We document that banks are less likely to syndicate loans and retain a larger loan fraction once CDS are actively traded on the borrower’s debt. We then discern the risk management and the moral hazard channel. We find no evidence that the reduced likelihood to syndicate loans is a result of increased moral hazard problems.eng
dc.language.isoeng
dc.publisherHumboldt-Universität zu Berlin, Wirtschaftswissenschaftliche Fakultät
dc.subjectCredit Default Swapseng
dc.subjectLoan Saleseng
dc.subjectSyndicate Structureeng
dc.subjectSyndicated Loanseng
dc.subject.ddc310 Statistik
dc.subject.ddc330 Wirtschaft
dc.titleThe Impact of Credit Default Swap Trading on Loan Syndication
dc.typebook
dc.identifier.urnurn:nbn:de:kobv:11-100230801
dc.identifier.doihttp://dx.doi.org/10.18452/4569
local.edoc.container-titleSonderforschungsbereich 649: Ökonomisches Risiko
local.edoc.pages45
local.edoc.type-nameBuch
local.edoc.container-typeseries
local.edoc.container-type-nameSchriftenreihe
local.edoc.container-volume2015
local.edoc.container-issue12
local.edoc.container-year2015
local.edoc.container-erstkatid2195055-6

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