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Financial Decisions Involving Credit Default Swaps Over the Business Cycle
Gan, Liu; Yang, Zhaojun - 2021
We develop a continuous-time model over business cycles to analyze the effects of credit default swap (CDS) trading on CDS firms’ financial decisions. We show that debtholders’ CDS hedging demand is procyclical. CDS trading postpones debt renegotiation and risktaking investment. CDS firms...
Persistent link: https://www.econbiz.de/10013312971
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Financial Decisions Involving Credit Default Swaps Over the Business Cycle
Gan, Liu; Yang, Zhaojun - 2021
We develop a continuous-time model over business cycles to analyze the effects of credit default swap (CDS) trading on CDS firms’ financial decisions. We show that debtholders’ CDS hedging demand is procyclical. CDS trading postpones debt renegotiation and risktaking investment. CDS firms...
Persistent link: https://www.econbiz.de/10013313140
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Hedging-based utility risk measure customized for individual investors
Dong, Linjia; Yang, Zhaojun - In: Operations research letters 50 (2022) 5, pp. 509-512
Persistent link: https://www.econbiz.de/10013449436
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Two-stage investment, loan guarantees and share buybacks
Dong, Linjia; Nishihara, Michi; Yang, Zhaojun - In: Journal of economic dynamics & control 156 (2023), pp. 1-19
Persistent link: https://www.econbiz.de/10014480335
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Investment and financing analysis for a venture capital alternative
Dong, Linjia; Yang, Zhaojun - In: Economic modelling 126 (2023), pp. 1-13
Persistent link: https://www.econbiz.de/10014461468
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Security token offerings versus loan guarantees for risk-averse entrepreneurs under asymmetric information
Liu, Xiang; Yang, Zhaojun - In: Finance research letters 57 (2023), pp. 1-11
Persistent link: https://www.econbiz.de/10014516981
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Pricing contingent convertibles with idiosyncratic risk
Wang, Xiaolin; Yang, Zhaojun; Zeng, Pingping - In: International journal of economic theory 19 (2023) 3, pp. 660-693
Persistent link: https://www.econbiz.de/10014335574
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Financial decisions involving credit default swaps over the business cycle
Gan, Liu; Yang, Zhaojun - In: Journal of economic dynamics & control 161 (2024), pp. 1-18
Persistent link: https://www.econbiz.de/10015050037
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Dynamic incentive contracts for ESG investing
Zhang, Yuqian; Yang, Zhaojun - In: Journal of corporate finance 87 (2024), pp. 1-16
Persistent link: https://www.econbiz.de/10015070996
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Simple contracts with double-sided moral hazard and adverse selection
Tan, Lihua; Yang, Zhaojun - In: Economics letters 236 (2024), pp. 1-4
Persistent link: https://www.econbiz.de/10015071915