long exposures to sovereign risk during this period. Lower loan exposure to sovereign risk is associated with greater … protection selling in CDS, the effect being weaker when sovereign risk is high. Bank and country risk variables are mostly not … building a complete picture and understanding fully the economic drivers of the bank-sovereign nexus of risk …

long exposures to sovereign risk during this period. Lower loan exposure to sovereign risk is associated with greater … protection selling in CDS, the effect being weaker when sovereign risk is high. Bank and country risk variables are mostly not … building a complete picture and understanding fully the economic drivers of the bank-sovereign nexus of risk …

long exposures to sovereign risk during this period. Lower loan exposure to sovereign risk is associated with greater … protection selling in CDS, the effect being weaker when sovereign risk is high. Bank and country risk variables are mostly not … building a complete picture and understanding fully the economic drivers of the bank-sovereign nexus of risk. …

producers' hedging demand (speculators' risk-capacity) increase hedging costs via price-pressure on futures, reduce producers …' inventory holdings, and thus spot prices. Consistent with our model, producers' default risk forecasts futures returns, spot … prices, and inventories in oil and gas market data from 1980-2006, and the component of the commodity futures risk premium …

producers' hedging demand (speculators' risk capacity) increase hedging costs via price-pressure on futures, reduce producers …' inventory holdings, and thus spot prices. Consistent with our model, producers' default risk forecasts futures returns …,spot prices, and inventories in oil and gas market data from 1980-2006, and the component of the commodity futures risk premium …

producers' hedging demand (speculators' risk-capacity) increase hedging costs via price-pressure on futures, reduce producers …' inventory holdings, and thus spot prices. Consistent with our model, producers' default risk forecasts futures returns, spot … prices, and inventories in oil and gas market data from 1980-2006, and the component of the commodity futures risk premium …

substitute between saving cash for financial hedging to mitigate financial default risk, and spending on operational hedging to … mitigate operational default risk. Whereas financial hedging increases in financial leverage, operational hedging declines in … credit risk, which is stronger for firms facing financing constraints. We present empirical evidence supporting the …