We analyze the impact of the introduction of credit default swaps (CDS) on real decision making within the firm, taking into consideration differences in firms' local economic and legal environments. We extend the model of Bolton and Oehmke (2011) to take into account uncertainty whether the...

We analyze the impact of the introduction of credit default swaps (CDS) on real decision making within the firm, taking into consideration differences in firms' local economic and legal environments. We extend the model of Bolton and Oehmke (2011) to take into account uncertainty whether the...

We analyze the impact of the introduction of credit default swaps (CDS) on real decision making within the firm and the influence of firms' local economic and legal environments on that impact. We extend the model of Bolton and Oehmke (2011) to take into account uncertainty about whether the...

We show that provision of public liquidity has real consequences for firms. Comparing A-1 rated non-financial commercial paper issuers using Commercial Paper Funding Facility (CPFF) eligibility criteria, we show that firms with access to the CPFF were able to mitigate financing disruptions...

This research investigates the real effects of public liquidity provision. Using the Commercial Paper Funding Facility's (CPFF) eligibility criteria for non-financial commercial paper issuers as the identification strategy, we show that firms with access to the CPFF were able to mitigate the...