Strategic conduct in credit derivative markets |
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Authors: | Patrick Bolton Martin Oehmke |
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Institution: | 1. Columbia Business School, 804 Uris Hall, 3022 Broadway, New York, NY 10027, United States;2. Columbia Business School, 420 Uris Hall, 3022 Broadway, New York, NY 10027, United States |
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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. |
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