Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments February 1, 2023 erstellt
Beschreibung:
Credit spreads are the yields of risky debt securities minus risk-free rates. The finance literature has long argued which share of them is due to credit risk and which share results from other factors. We suggest a novel set of multiple quasi-natural experiments based on government guarantees for debt securities worldwide during the global financial crisis. The results strongly support arguments that suggest credit spreads are primarily required to cover credit risk