[HTML][HTML] How does standardization affect OTC markets in the long term? Evidence from the small bang reform in the CDS market

RD Manac, C Banti, N Kellard - Journal of International Financial Markets …, 2024 - Elsevier
Focusing on the most liquid segment of the European CDS market, this paper studies the
impact of a key standardization reform, known as the CDS Small Bang. We document that …

Standardization, transparency initiatives, and liquidity in the CDS market

L Daures-Lescourret, A Fulop - Journal of Financial Markets, 2022 - Elsevier
We investigate liquidity changes in the credit default swap (CDS) market around two events
that increased market transparency and standardization during the Great Financial Crisis …

Identifying Empty Creditors with a Shock and Microdata

H Degryse, Y Gündüz, K O'Flynn… - Swiss Finance Institute …, 2020 - papers.ssrn.com
Credit default swaps on firm debt enable creditors to hedge against default, disincentivizing
them to participate in firm restructuring. This" empty creditor" effect was neutralized by a …

Sustainability Transition and Credit Risk: Insights from Green Bond Issuances and CDS Spread Reactions

JH Ahn, S Attaoui, J Fouquau - Available at SSRN 4317512, 2024 - papers.ssrn.com
This paper investigates the relationship between firms' environmental actions and credit risk,
focusing on the impact of green bond issuance on default risk as reflected in credit default …

Developments in CDS Markets: A Review on Recent CDS Studies

X Hu, Z Zhong - … of Investment Analysis, Portfolio Management, and …, 2024 - World Scientific
The credit default swap (CDS) market has experienced tremendous changes over the last
two decades. This chapter reviews recent studies on the CDS contract and the CDS market …

Standardization, Transparency Initiatives and Liquidity in the CDS Market

L Daures, A Fulop - Journal of Financial Markets, Forthcoming, 2022 - papers.ssrn.com
We investigate liquidity changes in the credit default swap (CDS) market around two events
that increased market transparency and standardization during the Great Financial Crisis …