Authors:
- Reviews the academic empirical literature on how CDSs actually work in practice, including during distressed times of market crises
- Discusses of the mechanics of single-name and index CDSs
- Explores the theoretical costs and benefits of CDS
- Unveils a comprehensive summary of the empirical evidence on important aspects of these instruments of risk transfer
Part of the book series: Palgrave Studies in Risk and Insurance (PSRIIN)
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Table of contents (12 chapters)
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Front Matter
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The CDS Market and Product Mechanics
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Front Matter
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Potential Benefits and Costs of CDSs
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Front Matter
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Empirical Evidence on the Benefits, Costs, and Inter-Market Relations of CDSs
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Front Matter
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Back Matter
About this book
This book, unique in its composition, reviews the academic empirical literature on how CDSs actually work in practice, including during distressed times of market crises. It also discusses the mechanics of single-name and index CDSs, the theoretical costs and benefits of CDSs, as well as comprehensively summarizes the empirical evidence on important aspects of these instruments of risk transfer. Full-time academics, researchers at financial institutions, and students will benefit from the dispassionate and comprehensive summary of the academic literature; they can read this book instead of identifying, collecting, and reading the hundreds of academic articles on the important subject of credit risk transfer using derivatives and benefit from the synthesis of the literature provided.
Reviews
“The authors have provided us with the ‘Rosetta Stone’ for CDS products, helping demystify these instruments through a comprehensive discussion of the evolution, benefits, and limitations of these important risk management tools. Citing rigorous academic work and empirical evidence, the authors have written a compelling and detailed overview of CDS products that policymakers, academics, and practitioners alike would benefit from reading.” (Walt Lukken, President and Chief Executive Officer, Futures Industry Association )
“The authors have provided an enormous service to market participants, regulators, other policy makers, researchers, and students, by collating, condensing, and making clear sense of a large body of knowledge regarding credit default swaps. This book will be the most widely cited and heavily used reference work covering the topic.” (Darrell Duffie, Dean Witter Distinguished Professor of Finance, Graduate School of Business, Stanford University)
“This beautiful book is at once comprehensive and succinct. Everything you could want to know about how CDS work and more importantly why they work is in these pages, lucidly explained.” (John H. Cochrane, Rose-Marie and Jack AndersonSenior Fellow, Hoover Institution, Stanford University)
Authors and Affiliations
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Johns Hopkins University, Baltimore, USA
Christopher L. Culp, Andria van der Merwe
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Compass Lexecon, Chicago, USA
Bettina J. Stärkle
About the authors
Christopher L. Culp, Ph.D., is a Research Fellow at the Johns Hopkins Institute for Applied Economics, Global Health, and the Study of Business Enterprise, an Adjunct Professor at both the Swiss Finance Institute and Universität Bern, a Senior Affiliate with Compass Lexecon, and Managing Director of Financial Economics Consulting, Inc.
Andria van der Merwe, Ph.D., is a Senior Vice President at Compass Lexecon and a Research Fellow at the Johns Hopkins Institute for Applied Economics, Global Health, and the Study of Business Enterprise.
Bettina Stӓrkle, M.Sc., is an Economist with Compass Lexecon.
Bibliographic Information
Book Title: Credit Default Swaps
Book Subtitle: Mechanics and Empirical Evidence on Benefits, Costs, and Inter-Market Relations
Authors: Christopher L. Culp, Andria van der Merwe, Bettina J. Stärkle
Series Title: Palgrave Studies in Risk and Insurance
DOI: https://doi.org/10.1007/978-3-319-93076-3
Publisher: Palgrave Macmillan Cham
eBook Packages: Economics and Finance, Economics and Finance (R0)
Copyright Information: The Editor(s) (if applicable) and The Author(s) 2018
Hardcover ISBN: 978-3-319-93075-6Published: 26 July 2018
Softcover ISBN: 978-3-030-06580-5Published: 30 January 2019
eBook ISBN: 978-3-319-93076-3Published: 12 July 2018
Series ISSN: 2523-8221
Series E-ISSN: 2523-823X
Edition Number: 1
Number of Pages: XXXVII, 331
Number of Illustrations: 25 b/w illustrations, 2 illustrations in colour
Topics: Risk Management, Investments and Securities, Insurance