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We analyze the impact of CDS trading on bank syndication activity. Theoretically, the effect of CDS trading is …; on the other hand, CDS trading can reduce bank monitoring incentives. We document that banks are less likely to syndicate …
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We analyze the impact of CDS trading on bank syndication activity. Theoretically, the effect of CDS trading is …; on the other hand, CDS trading can reduce bank monitoring incentives. We document that banks are less likely to syndicate …
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