{"id":"https://openalex.org/W3131152987","doi":null,"title":"The impact of credit default swaps on corporate capital structure and investment policies","display_name":"The impact of credit default swaps on corporate capital structure and investment policies","publication_year":2020,"publication_date":"2020-04-24","ids":{"openalex":"https://openalex.org/W3131152987","mag":"3131152987"},"language":"en","primary_location":{"id":"pmh:oai:https://spectrum.library.concordia.ca:987212","doi":null,"is_oa":true,"landing_page_url":"https://spectrum.library.concordia.ca/987212/1/Wang_PhD_F2020.pdf","pdf_url":"https://spectrum.library.concordia.ca/987212/1/Wang_PhD_F2020.pdf","source":{"id":"https://openalex.org/S4306400871","display_name":"Spectrum Research Repository (Concordia University)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I60158472","host_organization_name":"Concordia University","host_organization_lineage":["https://openalex.org/I60158472"],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"","raw_type":"Thesis"},"volume":null,"type":"dissertation","is_traditional":true,"indexed_in":[],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://spectrum.library.concordia.ca/987212/1/Wang_PhD_F2020.pdf","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5101415156","display_name":"Chunrong Wang","orcid":"https://orcid.org/0000-0002-4240-4228","observed_orcids":["https://orcid.org/0000-0002-4240-4228"]},"institutions":[],"countries":[],"is_corresponding":true,"raw_author_name":"Chunrong Wang","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]}],"institutions":[],"countries_distinct_count":0,"institutions_distinct_count":0,"corresponding_author_ids":["https://openalex.org/A5101415156"],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":null,"has_fulltext":true,"cited_by_count":0,"citation_normalized_percentile":null,"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T11496","display_name":"Credit Risk and Financial Regulations","score":0.9336000084877014,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T11496","display_name":"Credit Risk and Financial Regulations","score":0.9336000084877014,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.0575999990105629,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12509","display_name":"Corporate Insolvency and Governance","score":0.0010000000474974513,"subfield":{"id":"https://openalex.org/subfields/3308","display_name":"Law"},"field":{"id":"https://openalex.org/fields/33","display_name":"Social Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/credit-default-swaps","display_name":"credit default swaps","score":1.0},{"id":"https://openalex.org/keywords/capital-structure","display_name":"capital structure","score":0.8930000066757202},{"id":"https://openalex.org/keywords/cost-of-capital","display_name":"cost of capital","score":0.8510000109672546},{"id":"https://openalex.org/keywords/corporate-social-responsibility","display_name":"corporate social responsibility","score":0.6819999814033508},{"id":"https://openalex.org/keywords/corporate-investment","display_name":"corporate investment","score":0.5220000147819519},{"id":"https://openalex.org/keywords/environmental-emissions","display_name":"environmental emissions","score":0.5699999928474426},{"id":"https://openalex.org/keywords/debt-financing","display_name":"debt financing","score":0.4659999907016754},{"id":"https://openalex.org/keywords/revolving-credit","display_name":"revolving credit","score":0.5910000205039978},{"id":"https://openalex.org/keywords/term-loans","display_name":"term loans","score":0.8730000257492065},{"id":"https://openalex.org/keywords/credit-derivatives","display_name":"credit derivatives","score":0.5879999995231628},{"id":"https://openalex.org/keywords/shareholder-value","display_name":"shareholder value","score":0.531000018119812}],"concepts":[{"id":"https://openalex.org/C149933338","wikidata":"https://www.wikidata.org/wiki/Q950816","display_name":"Capital structure","level":3,"score":0.6662868857383728},{"id":"https://openalex.org/C153083717","wikidata":"https://www.wikidata.org/wiki/Q6535263","display_name":"Leverage (statistics)","level":2,"score":0.66553795337677},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.6227362751960754},{"id":"https://openalex.org/C74734477","wikidata":"https://www.wikidata.org/wiki/Q1479274","display_name":"Cost of capital","level":3,"score":0.6059482097625732},{"id":"https://openalex.org/C30589699","wikidata":"https://www.wikidata.org/wiki/Q624028","display_name":"Credit default swap","level":3,"score":0.5969435572624207},{"id":"https://openalex.org/C25188504","wikidata":"https://www.wikidata.org/wiki/Q178749","display_name":"Weighted average cost of capital","level":5,"score":0.5826037526130676},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.5290915966033936},{"id":"https://openalex.org/C120527767","wikidata":"https://www.wikidata.org/wiki/Q3196867","display_name":"Debt","level":2,"score":0.5195305943489075},{"id":"https://openalex.org/C44309892","wikidata":"https://www.wikidata.org/wiki/Q691313","display_name":"Credit derivative","level":3,"score":0.47352099418640137},{"id":"https://openalex.org/C135665773","wikidata":"https://www.wikidata.org/wiki/Q2234049","display_name":"Debt ratio","level":3,"score":0.4621620178222656},{"id":"https://openalex.org/C172497479","wikidata":"https://www.wikidata.org/wiki/Q302208","display_name":"Capital expenditure","level":2,"score":0.44107669591903687},{"id":"https://openalex.org/C106306483","wikidata":"https://www.wikidata.org/wiki/Q183984","display_name":"Futures contract","level":2,"score":0.4315158724784851},{"id":"https://openalex.org/C80515813","wikidata":"https://www.wikidata.org/wiki/Q1134763","display_name":"Corporate finance","level":2,"score":0.43079501390457153},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.39112064242362976},{"id":"https://openalex.org/C73283319","wikidata":"https://www.wikidata.org/wiki/Q1416617","display_name":"Financial system","level":1,"score":0.3675812780857086},{"id":"https://openalex.org/C178350159","wikidata":"https://www.wikidata.org/wiki/Q162714","display_name":"Credit risk","level":2,"score":0.3266279101371765},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.24418959021568298},{"id":"https://openalex.org/C44750222","wikidata":"https://www.wikidata.org/wiki/Q1897397","display_name":"Financial capital","level":3,"score":0.22890034317970276},{"id":"https://openalex.org/C29122968","wikidata":"https://www.wikidata.org/wiki/Q1414816","display_name":"Incentive","level":2,"score":0.15076422691345215},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.13161185383796692},{"id":"https://openalex.org/C58202505","wikidata":"https://www.wikidata.org/wiki/Q5035700","display_name":"Capital formation","level":4,"score":0.11270830035209656},{"id":"https://openalex.org/C119857082","wikidata":"https://www.wikidata.org/wiki/Q2539","display_name":"Machine learning","level":1,"score":0.0},{"id":"https://openalex.org/C181622380","wikidata":"https://www.wikidata.org/wiki/Q26911","display_name":"Profit (economics)","level":2,"score":0.0},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.0}],"mesh":[],"locations_count":2,"locations":[{"id":"pmh:oai:https://spectrum.library.concordia.ca:987212","doi":null,"is_oa":true,"landing_page_url":"https://spectrum.library.concordia.ca/987212/1/Wang_PhD_F2020.pdf","pdf_url":"https://spectrum.library.concordia.ca/987212/1/Wang_PhD_F2020.pdf","source":{"id":"https://openalex.org/S4306400871","display_name":"Spectrum Research Repository (Concordia University)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I60158472","host_organization_name":"Concordia University","host_organization_lineage":["https://openalex.org/I60158472"],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"","raw_type":"Thesis"},{"id":"mag:3131152987","doi":null,"is_oa":false,"landing_page_url":"https://spectrum.library.concordia.ca/987212/","pdf_url":null,"source":null,"license":null,"license_id":null,"version":null,"is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":null}],"best_oa_location":{"id":"pmh:oai:https://spectrum.library.concordia.ca:987212","doi":null,"is_oa":true,"landing_page_url":"https://spectrum.library.concordia.ca/987212/1/Wang_PhD_F2020.pdf","pdf_url":"https://spectrum.library.concordia.ca/987212/1/Wang_PhD_F2020.pdf","source":{"id":"https://openalex.org/S4306400871","display_name":"Spectrum Research Repository (Concordia University)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I60158472","host_organization_name":"Concordia University","host_organization_lineage":["https://openalex.org/I60158472"],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"","raw_type":"Thesis"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[{"id":"https://openalex.org/F4320321588","display_name":"Concordia University","ror":"https://ror.org/0420zvk78"},{"id":"https://openalex.org/F4320323381","display_name":"Universit\u00e4t Hamburg","ror":"https://ror.org/00g30e956"},{"id":"https://openalex.org/F4320333374","display_name":"HEC Montr\u00e9al","ror":"https://ror.org/05ww3wq27"}],"has_content":{"pdf":true,"grobid_xml":true},"content_urls":{"pdf":"https://content.openalex.org/works/W3131152987.pdf","grobid_xml":"https://content.openalex.org/works/W3131152987.grobid-xml"},"referenced_works_count":115,"referenced_works":["https://openalex.org/W44125190","https://openalex.org/W243941710","https://openalex.org/W605764789","https://openalex.org/W1559924327","https://openalex.org/W1738524706","https://openalex.org/W1749221881","https://openalex.org/W1891479151","https://openalex.org/W1920341630","https://openalex.org/W1968573787","https://openalex.org/W1971354656","https://openalex.org/W1974451890","https://openalex.org/W1975438597","https://openalex.org/W1975637155","https://openalex.org/W1978349840","https://openalex.org/W1989934726","https://openalex.org/W1992943799","https://openalex.org/W1993987322","https://openalex.org/W2000578291","https://openalex.org/W2005525451","https://openalex.org/W2016293597","https://openalex.org/W2023778083","https://openalex.org/W2023841042","https://openalex.org/W2024496989","https://openalex.org/W2029427212","https://openalex.org/W2032840760","https://openalex.org/W2040324527","https://openalex.org/W2040595555","https://openalex.org/W2042061542","https://openalex.org/W2042488339","https://openalex.org/W2047735993","https://openalex.org/W2051152277","https://openalex.org/W2055324653","https://openalex.org/W2057897933","https://openalex.org/W2072559981","https://openalex.org/W2080467767","https://openalex.org/W2081113003","https://openalex.org/W2086560845","https://openalex.org/W2089210625","https://openalex.org/W2105453506","https://openalex.org/W2108267835","https://openalex.org/W2111635289","https://openalex.org/W2114035433","https://openalex.org/W2115846503","https://openalex.org/W2116542123","https://openalex.org/W2118169830","https://openalex.org/W2118889105","https://openalex.org/W2119551656","https://openalex.org/W2123760334","https://openalex.org/W2124758339","https://openalex.org/W2128614305","https://openalex.org/W2129449827","https://openalex.org/W2131662168","https://openalex.org/W2144470805","https://openalex.org/W2146200864","https://openalex.org/W2149010029","https://openalex.org/W2153784191","https://openalex.org/W2155650193","https://openalex.org/W2164946207","https://openalex.org/W2170790204","https://openalex.org/W2471378147","https://openalex.org/W2474476572","https://openalex.org/W2604705349","https://openalex.org/W2605450246","https://openalex.org/W2610905157","https://openalex.org/W2612907924","https://openalex.org/W2766850932","https://openalex.org/W2779632026","https://openalex.org/W2785606188","https://openalex.org/W2806363657","https://openalex.org/W2882993812","https://openalex.org/W2886812813","https://openalex.org/W2963298015","https://openalex.org/W3022773787","https://openalex.org/W3121131820","https://openalex.org/W3121164101","https://openalex.org/W3121857641","https://openalex.org/W3121869985","https://openalex.org/W3121986562","https://openalex.org/W3121994643","https://openalex.org/W3122037299","https://openalex.org/W3122223557","https://openalex.org/W3122238417","https://openalex.org/W3122250255","https://openalex.org/W3122314271","https://openalex.org/W3122521598","https://openalex.org/W3122638935","https://openalex.org/W3122647754","https://openalex.org/W3122713524","https://openalex.org/W3122772247","https://openalex.org/W3122934189","https://openalex.org/W3122957897","https://openalex.org/W3123147400","https://openalex.org/W3123163856","https://openalex.org/W3123180454","https://openalex.org/W3123269218","https://openalex.org/W3123419065","https://openalex.org/W3123486385","https://openalex.org/W3123608615","https://openalex.org/W3123658139","https://openalex.org/W3123658255","https://openalex.org/W3123930591","https://openalex.org/W3123937835","https://openalex.org/W3123979702","https://openalex.org/W3124024717","https://openalex.org/W3124114405","https://openalex.org/W3124815377","https://openalex.org/W3124871904","https://openalex.org/W3125168868","https://openalex.org/W3125450538","https://openalex.org/W3125470807","https://openalex.org/W3125499138","https://openalex.org/W3125654204","https://openalex.org/W3125688476","https://openalex.org/W3125898494","https://openalex.org/W3126112729"],"related_works":["https://openalex.org/W6991775709","https://openalex.org/W4312538087","https://openalex.org/W3049312522","https://openalex.org/W3106271699","https://openalex.org/W2579280297","https://openalex.org/W2522855594","https://openalex.org/W1492751987","https://openalex.org/W3170289245","https://openalex.org/W4390189758","https://openalex.org/W2766850932"],"abstract_inverted_index":{"Credit":[0],"default":[1],"swaps":[2],"(CDSs)":[3],"are":[4],"credit":[5,16],"derivatives":[6],"whose":[7],"primary":[8],"purposes":[9],"include":[10],"hedging":[11],"and":[12,31,62,162,181,223,237,281],"the":[13,38,42,49,55,70,78,90,100,157,177,183,243,248,258,266,323],"trading":[14,53,82,187,214,252,270],"of":[15,51,57,72,80,87,102,114,138,159,250,260,268,277,322,325],"risks.":[17],"Unlike":[18],"other":[19,275],"derivatives,":[20],"such":[21],"as":[22],"options":[23],"or":[24,310],"futures,":[25],"CDSs":[26,103,326],"materially":[27],"alter":[28],"lender-borrower":[29],"relations":[30],"thus":[32],"have":[33,293],"real":[34],"economic":[35],"effects":[36],"on":[37,54,83],"companies":[39],"referenced":[40,142],"by":[41,148],"CDSs.":[43],"In":[44,264],"this":[45],"thesis,":[46],"I":[47,68,209,245],"explore":[48],"impact":[50,79,205],"CDS":[52,81,141,186,203,213,251,269,278],"cost":[56,86,113],"capital,":[58],"corporate":[59,63,221],"capital":[60,88,115,170,196],"structure,":[61],"social":[64,222,280],"responsibility.":[65],"\\n":[66,199],"\\nFirst,":[67],"use":[69],"universe":[71],"U.S.":[73],"public":[74],"firms":[75,123,131,143],"to":[76,125,176,232,241,296],"examine":[77],"a":[84,105,109,217,254],"firm\u2019s":[85,110],"during":[89],"period":[91],"2001":[92],"\u2013":[93],"2018.":[94],"My":[95],"results":[96],"robustly":[97],"show":[98],"that":[99,120,185,202,247,287],"inception":[101,249],"causes":[104,253],"significant":[106,255],"reduction":[107,256,291],"in":[108,169,220,257,289,302],"weighted":[111],"average":[112],"(WACC).":[116],"Further":[117,284],"analyses":[118],"reveal":[119,320],"highly":[121],"levered":[122],"tend":[124],"reduce":[126],"their":[127,136,145],"debt":[128,146,189],"weight,":[129],"while":[130,153],"with":[132],"low":[133],"leverage":[134],"increase":[135],"usage":[137,158],"debt.":[139],"Moreover,":[140],"adjust":[144],"types":[147],"using":[149],"more":[150],"arm-length":[151],"debts,":[152],"they":[154],"simultaneously":[155,193],"decrease":[156],"revolving":[160],"credits":[161],"term":[163],"loans":[164],"from":[165,230,328],"banks.":[166],"The":[167],"alteration":[168],"financing":[171,207],"choices":[172],"may":[173],"be":[174],"ascribed":[175],"improved":[178],"information":[179],"environment":[180],"reflects":[182],"fact":[184],"increases":[188,314],"renegotiation":[190],"costs":[191],"but":[192,272],"also":[194],"reduces":[195],"supply-side":[197],"frictions.":[198],"\\nAfter":[200],"confirming":[201],"can":[204,215],"firms\u2019":[206,279],"decisions,":[208],"further":[210],"investigate":[211],"whether":[212],"affect":[216],"company\u2019s":[218],"investment":[219],"environmental":[224,261,282],"activities.":[225],"A":[226],"longitudinal":[227],"sample":[228],"spanning":[229],"2002":[231],"2017":[233],"across":[234],"11":[235],"countries":[236],"regions":[238],"was":[239],"constructed":[240],"evaluate":[242],"impact.":[244],"find":[246],"metric":[259],"emission":[262,290],"reduction.":[263],"addition,":[265],"initiation":[267],"weakly":[271],"negatively":[273],"influences":[274],"aspects":[276],"performance.":[283],"analysis":[285],"reveals":[286],"investments":[288],"activities":[292,304],"no":[294],"relationship":[295],"shareholder":[297,315],"value":[298],"creation,":[299],"whereas":[300],"engaging":[301],"CSR":[303],"related":[305],"to,":[306],"e.g.,":[307],"employee,":[308],"community,":[309],"eco-product":[311],"innovation,":[312],"etc.,":[313],"wealth.":[316],"Collectively,":[317],"my":[318],"findings":[319],"one":[321],"downsides":[324],"arising":[327],"CDS-protected":[329],"lenders":[330],"who":[331],"become":[332],"less":[333],"accommodating":[334],"over":[335],"post-CDS":[336],"periods.":[337]},"counts_by_year":[],"updated_date":"2026-11-08T12:12:28.789561","created_date":"2021-03-01T00:00:00"}