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Credit default swaps and firms' financing policies [PDF]
Journal of Corporate Finance, 2018 Abstract This paper examines the impact of credit default swaps (CDS) on firms' financing and trade credit policies. Our results indicate firms with CDS trading on their debt increase their equity issuances. Further, firms with CDS trading on their debt and high levels of long-term debt issuances decrease their debt financing. Total and idiosyncratic
Fuller, Kathleen P. +2 more
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Currency Swaps: An Instrument of International Finance [PDF]
Vikalpa: The Journal for Decision Makers, 1996 A currency swap involves exchange of principal and interest payments in two different currencies between two parties. Swaps are off balance sheet transactions and have grown at a phenomenal rate. This article by Sivaprakasam Sivakumar and Anita Mathew focuses on the development of the swap market, presents an overview of currency swaps, and analyses ...
Sivaprakasam Sivakumar, Anita Mathew
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Credit Default Swaps, Firm Financing and the Economy [PDF]
SSRN Electronic Journal, 2012 This paper develops a model of CDS demand when investment is subject to economic fluctuations and verification is imperfect. We show that CDS overinsurance (insurance in excess of renegotiation proceeds) is procyclical and allows for greater financing of firms with positive NPV projects. In bad times, CDS overinsurance triggers the early liquidation of
Rafael Matta +2 more
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Debt-for-nature or climate swaps in public finance management
Problems and Perspectives in Management, 2023 Considering climate change and growing ecological threats, achieving climate neutrality requires close attention from the state and the involvement of new tools, including those of the so-called green financing. This paper aims to determine the feasibility of combining the tasks of reducing the debt burden and expanding investments in environmental ...
Svitlana Naumenkova +3 more
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Entrepreneurial Finance with Equity-for-Guarantee Swap and Idiosyncratic Risk [PDF]
SSRN Electronic Journal, 2013 We consider a risk-averse entrepreneur who invests in a project with idiosyncratic risk. In contrast to the literature, we assume the entrepreneur is unable to get a loan from a bank directly because of the low creditability of the entrepreneur and so an innovative financial contract, named equity-for-guarantee swap, is signed among a bank, an insurer,
Huamao Wang, Zhaojun Yang, Hai Zhang
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Debt swaps for financing education: Exploration of new funding resources [PDF]
Cogent Economics & Finance, 2018 As an innovative financial mechanism to explore additional funds for social development programs in developing countries, debt swaps for development, including debt-for-education swaps, became popular between the 1980s and 2000s. Their popularity, however, seems to have diminished since the beginning of the 2010s.
Ito, Hiroshi +2 more
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The Zeeman Effect in Finance: Libor Spectroscopy and Basis Risk Management [PDF]
, 2011 Once upon a time there was a classical financial world in which all the Libors were equal. Standard textbooks taught that simple relations held, such that, for example, a 6 months Libor Deposit was replicable with a 3 months Libor Deposits plus a 3x6 ...
Bianchetti, Marco
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Financial safety nets in Asia: genesis, evolution, adequacy, and way forward [PDF]
, 2012 This working paper discusses the need to for Australia to further strengthen its economic ties with other South East Asian nations, making particular reference to future international trade.
Hal Hill, Jayant Menon
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On Pricing Basket Credit Default Swaps [PDF]
, 2012 In this paper we propose a simple and efficient method to compute the ordered default time distributions in both the homogeneous case and the two-group heterogeneous case under the interacting intensity default contagion model.
Ching, Wai-Ki +3 more
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Common risk factors in the US and UK interest swap markets-evidence from a non-linear vector autoregression approach [PDF]
, 2002 This paper produces evidence in support of the existence of common risk factors in the US and UK interest rate swap markets. Using a multivariate smooth transition autoregression (STVAR) framework, we show that the dynamics of the US and UK swap ...
Lekkos, I, Milas, C
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