Helwege, Jean; Maurer, Samuel; Sarkar, Asani; Wang, Yuan - Federal Reserve Bank of New York - 2009
auctions conducted to date and evaluate their efficacy by comparing the auction outcomes to prices of the underlying bonds in … market before and after each auction has occurred. We qualify our conclusions by noting that relatively few auctions have … to major changes in the way CDS contracts are settled when default occurs. Auctions are increasingly the mechanism used …