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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

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/142857

Title:	Credit default swaps and corporate performance smoothing
Authors:	張元晨 Chang, Yuanchen Wu, Wei-Shao;Fok, Robert C.W.;Chen, Chao-Jung
Contributors:	財管系
Keywords:	Credit default swaps;Cash flow volatility;Income smoothing;Earnings management;Corporate hedging
Date:	2022-08
Issue Date:	2022-12-27 10:46:27 (UTC+8)
Abstract:	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.
Relation:	Journal of Corporate Finance, Vol.75, pp.2-79
Data Type:	article
DOI 連結:	https://doi.org/10.1016/j.jcorpfin.2022.102238
DOI:	10.1016/j.jcorpfin.2022.102238
Appears in Collections:	[財務管理學系] 期刊論文

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