| dc.contributor | 財管系 | |
| dc.creator (作者) | 張元晨 | |
| dc.creator (作者) | Chang, Yuanchen | |
| dc.creator (作者) | Wu, Wei-Shao;Fok, Robert C.W.;Chen, Chao-Jung | |
| dc.date (日期) | 2022-08 | |
| dc.date.accessioned | 27-Dec-2022 10:46:27 (UTC+8) | - |
| dc.date.available | 27-Dec-2022 10:46:27 (UTC+8) | - |
| dc.date.issued (上傳時間) | 27-Dec-2022 10:46:27 (UTC+8) | - |
| dc.identifier.uri (URI) | http://nccur.lib.nccu.edu.tw/handle/140.119/142857 | - |
| dc.description.abstract (摘要) | This study examines whether the availability of traded credit default swaps (CDS) influences the referenced firms` incentive to smooth their performance. We show that with the introduction of CDS trading on their debt, CDS-referenced firms (CDS firms) lower both their earnings and cash flow volatility. Specifically, earnings volatility declines faster than cash flow volatility, which is consistent with income smoothing behavior. The effect of CDS trading on performance smoothing is qualitatively similar under different market and economic conditions. These results support the notion that CDS firms smooth their performance to avoid renegotiation with CDS-protected creditors. We also find that CDS firms smooth their cash flows via hedging with derivatives and smooth their earnings using discretionary accruals after the inception of CDS trading. | |
| dc.format.extent | 110 bytes | - |
| dc.format.mimetype | text/html | - |
| dc.relation (關聯) | Journal of Corporate Finance, Vol.75, pp.2-79 | |
| dc.subject (關鍵詞) | Credit default swaps; Cash flow volatility; Income smoothing; Earnings management; Corporate hedging | |
| dc.title (題名) | Credit default swaps and corporate performance smoothing | |
| dc.type (資料類型) | article | |
| dc.identifier.doi (DOI) | 10.1016/j.jcorpfin.2022.102238 | |
| dc.doi.uri (DOI) | https://doi.org/10.1016/j.jcorpfin.2022.102238 | |
