how this risk affects firms' creditworthiness. We discipline the exercise by using Credit Default Swap (CDS) spreads to …. We propose and implement a novel market-based measure of exposure to transition risk (transition risk factor) and examine … capture differential exposure to transition risk across economic sectors. We show that the transition risk factor is a …

Firm cyclicality decreases by around 40% after the inception of credit default swap (CDS) trading. The effect is due to …

trading on customers improves the information environment for suppliers and provides information about customer default risk …

debt, which allow hedging and speculative trading on credit risk to be carried out by creditors and other parties. We find …

This study explores the impact of credit default swap (CDS) trading on a firm’s corporate social and environmental …

Using Credit Default Swap spreads, we construct a forward-looking, market-implied carbon risk factor and show that … carbon risk affects firms’ credit spread. The effect is larger for European than North American firms and varies … to carbon risk when market-wide concern about climate change risk is elevated. Finally, lenders expect that adjustments …

default swap (CDS) spreads and negatively associated with the number of liquidity providers in the CDS market. A 10% increase …