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    政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 >  Item 140.119/142857


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    題名: Credit default swaps and corporate performance smoothing
    作者: 張元晨
    Chang, Yuanchen
    Wu, Wei-Shao;Fok, Robert C.W.;Chen, Chao-Jung
    貢獻者: 財管系
    關鍵詞: Credit default swaps;Cash flow volatility;Income smoothing;Earnings management;Corporate hedging
    日期: 2022-08
    上傳時間: 2022-12-27 10:46:27 (UTC+8)
    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.
    關聯: Journal of Corporate Finance, Vol.75, pp.2-79
    資料類型: article
    DOI 連結: https://doi.org/10.1016/j.jcorpfin.2022.102238
    DOI: 10.1016/j.jcorpfin.2022.102238
    顯示於類別:[財務管理學系] 期刊論文

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