This paper studies the returns of credit default swap (CDS) indices over the Federal Open Market Committee (FOMC) cycle from 2005 to 2017. We document that the CDS return is significantly higher in even weeks than in odd weeks of the FOMC cycle. This pattern is linked to the resolution of...

We study the effects of monetary policy surprises (MPSs) on corporate credit default swap (CDS) spreads. Using high-frequency surprises around Federal Open Market Committee (FOMC) announcements, we find a negative relation between changes in unexpected expansionary monetary policy and changes in...

The outbreak of the COVID-19 pandemic caused numerous lockdowns in cities around the world. While lockdowns can generally be effective at reducing the spread of COVID-19, they also have substantial psychosocial impacts, such as causing distress and anxiety among residents. However, our knowledge...