CDS and credit: The effect of the bangs on credit insurance, lending and hedging
研究了CDS合约标准化改革（大爆炸和小爆炸）对市场参与者的差异化影响，发现非交易商银行保险成本降低，从而相对增加对受影响企业的信贷并更有效对冲。
We assess the differential impacts of “Big Bang” and “Small Bang” contracts and convention changes on market participants across CDS markets and couple comprehensive bank-firm-level CDS trading data from the DTCC to the German credit register containing bi-lateral bank-firm credit exposures. We find that after the Bangs, the cost of buying CDS contracts becomes lower for non-dealer banks and that, because of this decrease in insurance costs, these banks extend relatively more credit to CDS-traded and affected firms compared to dealers, and hedge more effectively. Hence, standardization lowers the cost of credit insurance and leads to a relative increase in credit extensions by non-dealer banks.