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Developments in CDS Markets: A Review on Recent CDS Studies

In: Handbook of Investment Analysis, Portfolio Management, and Financial Derivatives In 4 Volumes

Author

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  • Xingyi Hu
  • Zhaodong (Ken) Zhong

Abstract

The credit default swap (CDS) market has experienced tremendous changes over the last two decades. This chapter reviews recent studies on the CDS contract and the CDS market, highlighting recent developments in CDS contracts and market structures. Characteristics of CDS contracts make them outstanding from other derivatives products, and the rapid development of CDS markets shows the popular use and importance of CDS contracts in general. Policies and regulations on CDSs have brought huge changes to the market and the availability of publicly reported data. The relationship between firms and CDS has long been a focus among academics. Moreover, CDSs are also commonly used among mutual funds, hedge funds, and banks, affecting the trading activities of various financial intermediaries. While the sovereign CDS and index CDS are shown to be more and more significant in financial markets, other CDS products, including CDS options and tranches, also experience changes. We summarize the evolution in CDS markets and the structure of CDS studies, aiming to gain a better understanding of CDS markets and provide insights for future studies on the CDS market.

Suggested Citation

  • Xingyi Hu & Zhaodong (Ken) Zhong, 2024. "Developments in CDS Markets: A Review on Recent CDS Studies," World Scientific Book Chapters, in: Cheng Few Lee & Alice C Lee & John C Lee (ed.), Handbook of Investment Analysis, Portfolio Management, and Financial Derivatives In 4 Volumes, chapter 83, pages 2643-2681, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789811269943_0083
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    Keywords

    Financial Accounting; Financial Auditing; Mutual Funds; Hedge Funds; Asset Pricing; Options; Portfolio Analysis; Risk Management; Investment Analysis; Momentum Analysis; Behavior Analysis; Futures; Index Futures; CDCs; Financial Econometrics; Statistics; Financial Derivatives; Financial Accounting;
    All these keywords.

    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G1 - Financial Economics - - General Financial Markets
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting
    • M42 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Auditing
    • G3 - Financial Economics - - Corporate Finance and Governance

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