Strategic conduct in credit derivative markets

Authors/Editors

Research Areas

Publication Details

Output type: Journal article

Author list: Bolton P, Oehmke M

Publisher: Elsevier

Publication year: 2013

Journal: International Journal of Industrial Organization (0167-7187)

Volume number: 31

Issue number: 5

Start page: 652

End page: 658

Number of pages: 7

ISSN: 0167-7187

eISSN: 1873-7986

Languages: English-Great Britain (EN-GB)

Unpaywall Data

Open access status: closed

Abstract

This paper reviews recent research at the intersection of industrial organization and corporate finance on credit default swap (CDS) markets. These markets have been at the center of the financial crisis of 2007-09 and many aspects of their operation are not well understood. The paper covers topics such as counterparty risk in CDS markets, the "empty creditor problem," "naked" CDS positions, super-senior status of credit (and other) derivatives in Chapter 11 bankruptcy, and strategic behavior in CDS settlement auctions. (C) 2013 Elsevier B.V. All rights reserved.

Keywords

Industrial organization

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