This paper analyses the reasons why Spanish banks securitised in the period 2000-2007 on such a large scale that Spain has become the European country with the second-largest issuance volume after the UK.The results were obtained by applying a logistic regression model to a sample of 408...

This paper uses a sample of 2,186 credit default swap (CDS) spreads quoted in the European market during the period 2002–2009 to empirically analyze which model – accounting- or market-based – better explains corporate credit risk. We find little difference in the explanatory power of...