作者：Loon, Yee Cheng; Zhong, Zhaodong Ken
作者单位：State University of New York (SUNY) System; Binghamton University, SUNY; Rutgers University System; Rutgers University New Brunswick
摘要：This paper examines the impact of central clearing on the credit default swap (CDS) market using a sample of voluntarily cleared single-name contracts. Consistent with central clearing reducing counterparty risk, CDS spreads increase around the commencement of central clearing and are lower than settlement spreads published by the central clearinghouse. Furthermore, the relation between CDS spreads and dealer credit risk weakens after central clearing begins, suggesting a lowering of systemic ...
作者：Masulis, Ronald W.; Mobbs, Shawn
作者单位：University of New South Wales Sydney; University of Alabama System; University of Alabama Tuscaloosa
摘要：We study reputation incentives in the director labor market and find that directors with multiple directorships distribute their effort unequally based on the directorship's relative prestige. When directors experience an exogenous increase in a directorship's relative ranking, their board attendance rate increases and subsequent firm performance improves. Also, directors are less willing to relinquish their relatively more prestigious directorships, even when firm performance declines. Finall...
