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Credit default swap (CDS) hedging can be an effective substitute for loan sales: A. only when there is maturity matching, to reduce moral hazard costs. B. only when there is maturity matching, to reduce credit default risk. C. even with an imperfect maturity match if the default risk is concentrated near the midpoint of the loan. D. even with an imperfect maturity match if the default risk is concentrated near the maturity of the loan. |