Shim, Ilhyock; Zhu, Haibin - In: Journal of Banking & Finance 40 (2014) C, pp. 460-475
This paper investigates the impact of CDS trading on the development of the bond market in Asia. In general, CDS trading has lowered the cost of issuing bonds and enhanced the liquidity in the bond market. The positive impact is stronger for smaller firms, non-financial firms and those firms...