Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/121386 
Erscheinungsjahr: 
2014
Schriftenreihe/Nr.: 
SFB/TR 15 Discussion Paper No. 495
Verlag: 
Sonderforschungsbereich/Transregio 15 - Governance and the Efficiency of Economic Systems (GESY), München
Zusammenfassung: 
This study provides a comprehensive overview of the use of credit default swaps by U.S. corporate bond funds and analyzes in detail whether certain characteristics of managers, in addition to the fundamentals of a fund, determine how their use these credit derivatives. Results suggest that a manager's education, age, experience, and skill are positively correlated with a fund's CDS holdings. In particular, managers holding a master's degree or educated at prestigious universities prefer using CDS. However, funds with older, more experienced managers or these keeping higher assets under their management are more likely to take on credit risk via selling CDS protection. Younger managers or managers that were educated at prestigious universities rather tend to buy CDS protection possibly due to differing concerns about their careers. If considering the Heckman correction for self-selection of funds into CDS use, the aforementioned findings remain stable.
Schlagwörter: 
manager
manager characteristic
mutual fund
derivative use
credit default swap
JEL: 
G23
G28
Dokumentart: 
Working Paper

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