{
 "@context": "https://schema.org",
 "@type": "DefinedTerm",
 "@id": "https://wulfkaal.github.io/entities/credit-default-swaps",
 "identifier": "kaal:entity:credit-default-swaps",
 "name": "Credit default swaps",
 "termCode": "credit-default-swaps",
 "inDefinedTermSet": {
  "@id": "https://wulfkaal.github.io/entities/index.json"
 },
 "author": {
  "@type": "Person",
  "name": "Wulf A. Kaal",
  "identifier": "https://orcid.org/0000-0003-0757-275X"
 },
 "dateModified": "2026-07-29",
 "canonicalForm": "https://wulfkaal.github.io/entities/credit-default-swaps.md",
 "sha256": "26f13a8d3494c42dcb366c9470ead60b564273260f6662ccf7450d67ec9b0b80",
 "additionalProperty": [
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   "name": "status",
   "value": "derived"
  },
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   "@type": "PropertyValue",
   "name": "claim_count",
   "value": 3
  },
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   "name": "work_count",
   "value": 3
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  {
   "@type": "PropertyValue",
   "name": "year_span",
   "value": [
    "2011",
    "2016"
   ]
  },
  {
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   "name": "non_current_claims",
   "value": 0
  }
 ],
 "subjectOf": [
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/1806252-021",
   "identifier": "kaal:claim:1806252-021",
   "text": "Market failure in complex financial instruments, rather than hedge fund activity as such, could have been a contributing factor in the recent credit crisis.",
   "abstract": "Market failure in complex financial instruments could have been a contributing factor in the recent credit crisis.",
   "citation": "Kaal, Hedge Fund Regulation Via Basel III (2011). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1806252",
   "datePublished": "2011",
   "claim_type": "empirical",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
    "evidence drawn from the 2007 collapse of the CDO and CDS markets"
   ],
   "source_pdf_sha256": "3343ebfe05a925c3d1a75625c4b351ccff515c50819a48d155804daacf01429d",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2097160-023",
   "identifier": "kaal:claim:2097160-023",
   "text": "Existing default risk signals were inadequate: CAMEL ratings and credit default swap pricing did not suffice to signal default risk at Lehman Brothers, Bear Stearns, or Merrill Lynch.",
   "abstract": "CAMEL ratings and credit default swap pricing did not suffice to signal default risk in the cases of Lehman Brothers, Bear Stearns, and Merrill Lynch.",
   "citation": "Wulf A. Kaal, Contingent Capital in Executive Compensation (2012). SSRN: https://ssrn.com/abstract=2097160",
   "datePublished": "2012",
   "claim_type": "failure",
   "confidence": "asserted",
   "is_failure_mode": true,
   "scope_conditions": [
    "the 2008 to 2009 financial crisis"
   ],
   "source_pdf_sha256": "1e1f8aa246bce19f4658dbceb455c7c2a272aa5d63a9e9bdaa46a3a5a87680fc",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2748096-038",
   "identifier": "kaal:claim:2748096-038",
   "text": "Hedge funds now supply funding to the banking system that may be rapidly withdrawn during a liquidity crisis and supply a substantial share of the sellers' side of the credit default swap market, thereby assuming risks traditionally held by investment banks and insurance companies.",
   "abstract": "He highlights the risk that hedge funds are providing funding to the banking system, which may be rapidly withdrawn during a liquidity crisis.",
   "citation": "Wulf A. Kaal, Timothy A. Krause, Hedge Funds and Systemic Risk (2016). SSRN: https://ssrn.com/abstract=2748096",
   "datePublished": "2016",
   "claim_type": "mechanism",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
    "applies to hedge funds operating within the shadow banking system"
   ],
   "source_pdf_sha256": "8f30260f2c1db728b45c4f3b9b7c64358cf9d3217277bc3c63a910c32f87b508",
   "status": "current"
  }
 ],
 "description": "3 claims in the published works of Wulf A. Kaal carry the concept tag 'credit-default-swaps'. Derived node: a roster, not an adjudicated definition."
}