Credit Default Swaps and Firm Value
研究发现信用违约互换（CDS）启动后企业价值下降，且交易越活跃下降越大；原因在于资本成本上升而非现金流减少，源于信用质量和股票流动性恶化。
This article provides evidence that firm value declines when credit default swaps (CDSs) are initiated and that the effect is greater when CDS trading activity is higher. This decline, which arises from an increase in the cost of capital as opposed to a decrease in free cash flows, traces to a deterioration in the firm’s credit quality and stock liquidity. Firm value declines less when CDS trading is likely to produce incremental information, suggesting that CDS trading has informational benefits for firm value. However, the evidence does not indicate that firm value increases because CDS availability facilitates investments.