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We document that firms' stock prices react significantly less to credit rating downgrade announcements when credit default swaps (CDS) trade on their debts. The impact of CDS trading is more… (More)
We analyze whether introducing Credit Default Swaps (CDSs) on a borrower's debt leads to lender moral hazard around covenant violations, wherein lending banks can terminate or accelerate the loan.… (More)
- Rohan Ganduri, Steven Chong Xiao, Serena Wenjing Xiao
- 2019
Policymakers have been working to stabilize distressed neighborhoods since the 2008–2010 foreclosure crisis. We show that profit-seeking institutional investors purchased distressed properties and… (More)
We analyze whether bond investors price tail risk exposures of financial institutions using a comprehensive sample of bond issuances by U.S. financial institutions. Although primary bond yield… (More)
We analyze whether introduction of Credit Default Swaps (CDSs) on borrowers’ debt misaligns incentives between banks and borrowers in the private debt market. In contrast to predictions of an empty… (More)
- Rohan Ganduri
- 2016
We document that firms' stock prices react significantly less to credit rating downgrade announcements when credit default swaps (CDS) trade on their debts. The impact of CDS trading is more… (More)