We measure speculation in the CDS market and investigate its determinants. The CDS volume on a firm that exceeds its outstanding debt (= naked CDS) indicates speculation since hedging can be ruled out. Using weekly CDS trading volume data for actively traded U.S. firms during 2008-2012, we...

Relationship lending helps reduce asymmetric information, which potentially creates benefits for borrowers. However, empirical evidence is mixed. We conduct a meta-analysis to summarize and explain the heterogeneity in the results in the literature using hand-collected information from 101...