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CDS Trading and Nonrelationship Lending Dynamics
By: Jung Koo Kang, Christopher Williams and Regina Wittenberg-Moerman
We investigate how credit default swaps (CDSs) affect lenders’ incentives to initiate new lending relationships. We predict that CDSs reduce adverse selection that nonrelationship lead arrangers face when competing for loans. Consistently, we find that a loan is...  View Details
Keywords: Credit Default Swaps; CDS Market; Non-relationship Lending; Debt Contracts; Adverse Selection; Lending Monitoring; Cross-selling
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