Horvath, Balint; Huizinga, Harry - C.E.P.R. Discussion Papers - 2011
the sovereign debt crisis. This paper investigates the impact of this announcement on bank share prices, bank CDS spreads … and sovereign CDS spreads. The main private beneficiaries were bank creditors, especially of banks heavily exposed to … CDS spreads. The combined gains of bank debt holders and shareholders exceed the increase in the value of their sovereign …