Corporate Leverage, Debt Maturity, and Credit Supply: The Role of Credit Default Swaps
研究发现，有信用违约互换交易的企业能维持更高的杠杆率和更长的债务期限，尤其在信贷约束紧张时，表明对冲能力有助于缓解信贷供给摩擦。
Does the ability of suppliers of corporate debt capital to hedge risk through credit default swap (CDS) contracts impact firms' capital structures? We find that firms with traded CDS contracts on their debt are able to maintain higher leverage ratios and longer debt maturities. This is especially true during periods in which credit constraints become binding, as would be expected if the ability to hedge helps alleviate frictions on the supply side of credit markets. The Author 2013. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved. For Permissions, please e-mail: journals.permissions@oup.com., Oxford University Press.