Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/212348 
Erscheinungsjahr: 
2016
Schriftenreihe/Nr.: 
Bank of Finland Research Discussion Papers No. 10/2016
Verlag: 
Bank of Finland, Helsinki
Zusammenfassung: 
​We test five hypotheses on whether banks use CDS to hedge corporate loans, provide credit enhancements, obtain regulatory capital relief, and exploit banking relationship and private information. Linking large banks' CDS positions and syndicated lending on individual firms, we observe strong evidence for the credit enhancement and regulatory capital relief hypotheses, but mixed evidence for the hedging, banking relationship, and private information hypotheses. Banks buy and sell more CDS on their borrowers, but their net CDS positions and lending status are largely unrelated. We find no evidence of bank using CDS to exploit private information.
JEL: 
G14
G21
G23
G28
G32
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-952-323-105-4
Dokumentart: 
Working Paper

Datei(en):
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