French Abstract: Imaginons une rivière polluée par une usine. Les avenues juridiques traditionnelles peinent à répondre à ce scénario, en particulier lorsqu’aucun·e humain·e ne souffre de la pollution. Ainsi, certaines juridictions se tournent aujourd’hui vers la personnalité...

In this article, we revisit the impact of the voluntary central clearing scheme on the CDS market. In order to address the endogeneity problem, we use a robust methodology that relies on dynamic propensity-score matching combined with generalized difference-in-differences. Our empirical findings...

In its reform of the U.S. Bankruptcy Code, the American Bankruptcy Institute (ABI) is proposing to grant a redemption option to junior creditors and let them exit the bargaining process. A game-theoretic, continuous-time model of the leveraged firm under Chapter 11 is developed to assess the...

We reinvestigate the CDS-bond basis negativity puzzle after the financial crisis. This puzzle is defined as the unexpected persistence of the dislocation between bond and derivative credit markets. We show that the first two moments of the basis are described by three distinct Markov regimes...