How do lenders monitor? A discussion of Shan, Tang, and Winton (2019)
Volume: 68, Issue: 2-3, Pages: 101245 - 101245
Published: Nov 1, 2019
Abstract
Credit `default swaps (CDS) represent a major innovation in debt markets, allowing lenders to transfer credit risk to a counterparty by paying a premium. Shan, Tang, and Winton (2019) explore whether the availability of CDS affects the monitoring incentives of lenders. Their paper finds that CDS leads to looser loan terms (less collateral and looser covenants), consistent with a reduction in monitoring incentives. I examine several aspects of...
Paper Details
Title
How do lenders monitor? A discussion of Shan, Tang, and Winton (2019)
Published Date
Nov 1, 2019
Volume
68
Issue
2-3
Pages
101245 - 101245
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