The CDS market reaction to restatement announcements
研究了公司财务重述公告对信用违约互换（CDS）利差的影响，发现涉及欺诈或影响多个账户的重述会导致CDS回报更正向，且反应受信用评级和市场情绪影响。
Abstract I investigate the credit market's reaction to restatement announcements through changes in credit default swap (CDS) spreads. I document an overall positive association between CDS returns and restatement announcements. Specifically, I find that more positive CDS returns are associated with restatements (1) involving fraud and (2) affecting more accounts. Moreover, these reactions are sensitive to the underlying entities’ credit ratings and the market‐wide investor sentiment. Next, I compare CDS and stock market reactions and find that more negative stock returns are associated with restatements (1) involving fraud and (2) decreasing reported income.