This study examines the extent to which Italian banks use credit derivatives (CD), whether there are differences between users and nonusers, and the underlying motivations for the use of CD. The results show that a limited number of credit institutions use CD, and that this usage varies over...

This study examines the use and determinants of covenants in public debt issued by Russian companies. On the basis of issue characteristics, firm characteristics and systemic risk variables, we investigate that the likelihood of including covenants clause in financial contracts is positively...