• 1. Introduction
  • 2. Literature Review
  • 3. The factor influencing credit risk
  • 4. The credit default swap data and the use of transaction data
  • 5. The credit default swap market
  • 6. The determinants of credit risk: variables we consider and our sources
  • 7. Estimations and results
  • 8. A reduced-form Model Implementation and consequences
  • The data
  • 9. Results
  • 10. Conclusions