Replication Data for: Sovereign Credit Default Swaps and Corporate Investment (doi:10.7910/DVN/5IZTCB)

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Part 2: Study Description
Part 3: Data Files Description
Part 4: Variable Description
Part 5: Other Study-Related Materials
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Replication Data for: Sovereign Credit Default Swaps and Corporate Investment

doi:10.7910/DVN/5IZTCB

Harvard Dataverse

2025-09-22

2

Chen, Hsien-Yi; Chen, Sheng-Syan; Tsai, Feng-Tse; Chen, Ya-Wen, 2025, "Replication Data for: Sovereign Credit Default Swaps and Corporate Investment", https://doi.org/10.7910/DVN/5IZTCB, Harvard Dataverse, V2, UNF:6:+pyNxIdZTdIAD0y/IZ+5NQ== [fileUNF]

Replication Data for: Sovereign Credit Default Swaps and Corporate Investment

doi:10.7910/DVN/5IZTCB

Chen, Hsien-Yi

Chen, Sheng-Syan

Tsai, Feng-Tse

Chen, Ya-Wen

Harvard Dataverse

Tsai, Feng-Tse

Tsai, Feng-Tse

2025-09-22

https://doi.org/10.7910/DVN/5IZTCB

Business and Management

We investigate the impact of sovereign credit default swap (CDS) introduction on corporate investment. Our analysis reveals that the launch of sovereign CDS significantly expands national credit supply and boosts aggregate investment levels. We further document a positive and statistically significant effect of sovereign CDS introduction on firm-level investment. Crucially, we find that this positive relationship is primarily observed in the subsample of firms without existing CDS trading and is more pronounced for politically sensitive firms. This beneficial effect is driven by the supply of domestic private credit and is amplified in countries characterized by weaker legal environments and lower information transparency. Collectively, our findings suggest that sovereign credit market innovation plays a vital role in channeling firms toward productive investments.

<b>Code Usage: </b><br /><br /> Those downloading the data and code files will acknowledge that the programs are only to be used for academic research. Any other use will require explicit permission from all the authors of the published paper and other originators of the code (if such other originators exist). Academic researchers using any part of the code in their own work are required to acknowledge the origin of the code.

<a href="http://creativecommons.org/publicdomain/zero/1.0">CC0 1.0</a>

INCLUDE the citation to the related article here, and include the IDENTIFIER TYPE found below as well as the URL to your publication. Your "publication" should have the DOI generated here once you "save" your DRAFT deposit, for the related data. REMOVE THIS NOTE BEFORE PUBLISHING YOUR DEPOSIT.

INCLUDE the citation to the related article here, and include the IDENTIFIER TYPE found below as well as the URL to your publication. Your "publication" should have the DOI generated here once you "save" your DRAFT deposit, for the related data. REMOVE THIS NOTE BEFORE PUBLISHING YOUR DEPOSIT.

• Number of cases: 88

• No. of variables per record: 14

• Type of File: text/tab-separated-values

UNF:6:/hn1FgVaQhA17fWRgkzozA==

• Number of cases: 89770

• No. of variables per record: 49

• Type of File: text/tab-separated-values

UNF:6:6NusLd6GSDbE+nUPcIdjyg==

• countrycode
• year
• credit - credit yr
• credit_bank - credit_bank yr
• credit_fin - credit_fin yr
• credit_monetary - credit_monetary yr
• gross_capital - gross_capital yr
• gross_fixed_capital - gross_fixed_capital yr
• stock - stock yr
• launch
• window
• country
• netcredit
• totcredit
• year
• country1
• capex - capex
• cash - cash
• cf - cf
• tdta
• q - q
• lag_q - lag_q
• lag_cf - lag_cf
• lag_tdta - lag_tdta
• lag_cash - lag_cash
• ff_industry
• countrycode
• fx_hedge
• lag_gdpgro
• lag_inflation
• lag_tfpgro
• lag_fixcapgro
• enforce
• qog
• legal
• cpi
• pcr
• budget
• transparency
• totcredit
• pcredit
• netcredit
• yield
• govexp
• unemployment
• vix
• epu
• cci
• year_cds
• post
• before2
• before1
• after1
• after2
• after3
• after4
• after5
• lnfxhedge
• fcds_init
• psi
• highkz
• window
• firm

f12087378 Location:

Variable Format: character

Notes: UNF:6:UCdj/XOQHGAkb2a56DGgVA==

f12087378 Location:

Summary Statistics: Max. 2009.0; Mean 2002.125; StDev 3.352173767201999; Valid 88.0; Min. 1996.0

Variable Format: numeric

Notes: UNF:6:Ae3kNU9Yan4Krqg2NU0yFw==

f12087378 Location:

Summary Statistics: Max. 217.76089477539062; Valid 70.0; Min. 16.837772369384766; Mean 123.88542761121477; StDev 54.44182708104294

Variable Format: numeric

Notes: UNF:6:6mqgGegOSMqAPz/fYXLDRQ==

f12087378 Location:

Summary Statistics: Min. 16.8232364654541; Mean 95.46236921037946; Max. 191.96934509277344; StDev 44.76789977183328; Valid 70.0

Variable Format: numeric

Notes: UNF:6:pptT+YsKxjBwFfgIH7rVbw==

f12087378 Location:

Summary Statistics: Min. 110.6917953491211; Valid 31.0; Max. 297.1686096191406; Mean 224.10389044977003; StDev 54.827298730687836

Variable Format: numeric

Notes: UNF:6:T483nPxiPXn71xO63+G/Ww==

f12087378 Location:

Summary Statistics: Max. 192.43829345703125; Mean 95.61482775551933; Min. 16.837772369384766; Valid 70.0; StDev 44.85848518965775

Variable Format: numeric

Notes: UNF:6:II2VShPVum/bh+sMV6BmOQ==

f12087378 Location:

Summary Statistics: Valid 88.0; StDev 3.166142067424078; Max. 32.026947021484375; Mean 21.719996549866416; Min. 14.830300331115723

Variable Format: numeric

Notes: UNF:6:lP+w+eHbMzzLIr/XHAIOYg==

f12087378 Location:

Summary Statistics: Max. 31.575666427612305; Min. 14.386613845825195; Mean 21.126315918835726; Valid 88.0; StDev 3.2469137925872382

Variable Format: numeric

Notes: UNF:6:M2tUYmwvHJVtpA7x6otMag==

f12087378 Location:

Summary Statistics: Max. 213.4805450439453; Min. 0.02311881072819233; Valid 77.0; StDev 43.2696199489075; Mean 87.61107082899612;

Variable Format: numeric

Notes: UNF:6:bFGENTyad5MFSzGHUuh0bA==

f12087378 Location:

Summary Statistics: Valid 88.0; Max. 2004.0; StDev 1.0593046949681708; Min. 2001.0; Mean 2002.125;

Variable Format: numeric

Notes: UNF:6:6RcQcCsg+GmDfpeFITt7fw==

f12087378 Location:

Summary Statistics: Max. 5.0; Valid 88.0; Min. -5.0; Mean 0.0; StDev 3.18039974354414;

Variable Format: numeric

Notes: UNF:6:VtvEjgiw8O9ss/0/fy9pYw==

f12087378 Location:

Summary Statistics: Max. 8.0; Min. 1.0; Mean 4.5; StDev 2.3044185443591205; Valid 88.0

Variable Format: numeric

Notes: UNF:6:qelJZHzDlvcAxd65zTvQ1A==

f12087378 Location:

Summary Statistics: Min. 20.814165115356445; Max. 245.30307006835938; Mean 128.29248564583915; Valid 70.0; StDev 55.70666422672421

Variable Format: numeric

Notes: UNF:6:x50WQvPVCZTG1HJ6zlB72A==

f12087378 Location:

Summary Statistics: Mean 129.60000030560929; Max. 208.5; Min. 15.800000190734863; Valid 88.0; StDev 47.73054375406553

Variable Format: numeric

Notes: UNF:6:WAqkWewtEdQdS61HxnKfzw==

f12087380 Location:

Summary Statistics: Min. 1996.0; Max. 2009.0; Mean 2002.8032638966242; Valid 89770.0; StDev 3.2441290114281554

Variable Format: numeric

Notes: UNF:6:dCaJkE/Ctwob2HEIEYsJKQ==

f12087380 Location:

Variable Format: character

Notes: UNF:6:q07wuRcUNgUxn3uBoglxzQ==

f12087380 Location:

Summary Statistics: Min. 0.0; Mean 0.06135646496853561; StDev 0.06997492323018396; Max. 0.3497970230040595; Valid 89770.0;

Variable Format: numeric

Notes: UNF:6:bn+YX0pkKg6DyB9Da5OOHw==

f12087380 Location:

Summary Statistics: Valid 89770.0; StDev 0.272801844699053; Max. 1.637072434607646; Min. 8.756977171696915E-4; Mean 0.22262014747870126;

Variable Format: numeric

Notes: UNF:6:MN1NRiI3sGbF6mi3cIMVfw==

f12087380 Location:

Summary Statistics: Mean 0.05545939572012431; StDev 0.1656295874455732; Min. -0.6438572739308844; Max. 0.33328861928597875; Valid 86331.0;

Variable Format: numeric

Notes: UNF:6:5rlimjC0ohtH+TrV3Nf+Gg==

f12087380 Location:

Summary Statistics: StDev 1.611111797383058; Max. 252.66666666666666; Valid 89770.0; Mean 0.2475934881561585; Min. 0.0

Variable Format: numeric

Notes: UNF:6:nlCq4J3icsQ5o9tq1OMcCw==

f12087380 Location:

Summary Statistics: Min. 0.5395511291471764; Mean 1.7996217024233132; StDev 1.3514544340766803; Max. 10.247564952479028; Valid 83719.0

Variable Format: numeric

Notes: UNF:6:0IMUD8Kf/ojlU0znI9v8HQ==

f12087380 Location:

Summary Statistics: StDev 1.4027983892828757; Mean 1.8594751573130905; Max. 9.308328575053928; Valid 80158.0; Min. 0.5675033065110503

Variable Format: numeric

Notes: UNF:6:53qV9oDUPUXqXgiUIrwWDA==

f12087380 Location:

Summary Statistics: Mean 0.05984577096538161; Min. -0.6993318485523385; StDev 0.16489190916829982; Valid 80849.0; Max. 0.3494250804343139

Variable Format: numeric

Notes: UNF:6:+AXevQz/P/05GIfsPcZAGw==

f12087380 Location:

Summary Statistics: Mean 0.2120258996364815; StDev 0.19302333033665003; Max. 0.6585964079436665; Valid 89770.0; Min. 0.0

Variable Format: numeric

Notes: UNF:6:u/8VXTFwWDfKn/VCjKURqw==

f12087380 Location:

Summary Statistics: StDev 0.28560916522938423; Min. 7.518545746173895E-4; Max. 2.035236541598695; Valid 84719.0; Mean 0.2259844008064949;

Variable Format: numeric

Notes: UNF:6:qR9+bYhTk3QEgfA75P/Sfg==

f12087380 Location:

Summary Statistics: StDev 11.909058760703477; Mean 26.7719235577798; Min. 1.0; Valid 89584.0; Max. 43.0

Variable Format: numeric

Notes: UNF:6:+wZI21SRH4lDZUot4k8T2A==

f12087380 Location:

Variable Format: character

Notes: UNF:6:PDUnLriMnrksMsWtRR7LlQ==

f12087380 Location:

Summary Statistics: Mean 12.272966963391973; StDev 0.9364642182483485; Valid 89770.0; Min. 8.768730163574219; Max. 14.0658597946167

Variable Format: numeric

Notes: UNF:6:4NgWg06qjfPpDHj5KIOAHw==

f12087380 Location:

Summary Statistics: StDev 0.013489246420062736; Mean 0.017948590363001338; Valid 89454.0; Max. 0.07787969708442688; Min. -0.05143120139837265

Variable Format: numeric

Notes: UNF:6:QQB7vYBLorjWj3P6FEreOw==

f12087380 Location:

Summary Statistics: Max. 0.7238659858703613; StDev 0.022845856063322227; Mean 0.013587995003095729; Valid 89454.0; Min. -0.01607700064778328;

Variable Format: numeric

Notes: UNF:6:9020MQK9rcVE3VszmUsiTg==

f12087380 Location:

Summary Statistics: Min. -0.036518700420856476; StDev 0.008263728872291013; Valid 89770.0; Max. 0.06752750277519226; Mean 0.0068179066671522496

Variable Format: numeric

Notes: UNF:6:jhxH8bnsURYYlQ9SYsW0HA==

f12087380 Location:

Summary Statistics: StDev 0.037932642879453186; Min. -0.060838598757982254; Mean 0.030073763862019758; Max. 0.11679670214653015; Valid 89195.0

Variable Format: numeric

Notes: UNF:6:FC5+69M4spMn+kZleU/zCQ==

f12087380 Location:

Summary Statistics: Min. 5.175000190734863; Mean 8.123145074313522; Max. 8.734379768371582; Valid 89195.0; StDev 0.7851180931706064

Variable Format: numeric

Notes: UNF:6:B9Bzzle+iSiLAXuWEB1pRQ==

f12087380 Location:

Summary Statistics: Min. 0.3055559992790222; Max. 0.9166669845581055; Valid 89770.0; Mean 0.835602125622085; StDev 0.07203727803242647;

Variable Format: numeric

Notes: UNF:6:t7di7NWfnsBC5yswa9rFpA==

f12087380 Location:

Summary Statistics: Mean 8.054460491060592; Valid 89770.0; StDev 0.48767434198472354; Min. 4.78000020980835; Max. 8.420000076293945;

Variable Format: numeric

Notes: UNF:6:8/HhrF0vA9bENl4AI6HrYA==

f12087380 Location:

Summary Statistics: StDev 10.333452220966281; Mean 74.1475771415838; Valid 89770.0; Max. 90.0; Min. 21.0

Variable Format: numeric

Notes: UNF:6:1vts6f9jGoxesuJtYhD14w==

f12087380 Location:

Summary Statistics: Valid 89770.0; Max. 1.0; StDev 0.3465863161486094; Mean 0.139612342653457; Min. 0.0

Variable Format: numeric

Notes: UNF:6:xCeprcq3IgOieffpVlmu2A==

f12087380 Location:

Summary Statistics: StDev 6.916218575482351; Min. 60.0; Mean 70.89840704021351; Max. 77.0; Valid 89770.0

Variable Format: numeric

Notes: UNF:6:WvHsNvmYbhRj9w6VkbO/9g==

f12087380 Location:

Summary Statistics: Min. 44.0; Mean 66.07562660131478; StDev 6.536524145284434; Valid 89770.0; Max. 74.0

Variable Format: numeric

Notes: UNF:6:LOEbuGhYuPopuEjr6/llEg==

f12087380 Location:

Summary Statistics: StDev 0.23286029426095703; Valid 89770.0; Mean 1.54712218733529; Max. 2.0850000381469727; Min. 0.2370000034570694;

Variable Format: numeric

Notes: UNF:6:MtZM6udW671JFi5Xn7kZhA==

f12087380 Location:

Summary Statistics: Mean 0.9315635449283516; Valid 84835.0; StDev 0.4427281136723647; Max. 1.9141030311584473; Min. 0.17972390353679657

Variable Format: numeric

Notes: UNF:6:Spl912WAGx/l9qN9J8JOZg==

f12087380 Location:

Summary Statistics: StDev 0.5751089090222342; Min. 0.20814169943332672; Max. 2.453031063079834; Mean 1.4081329105217084; Valid 84835.0;

Variable Format: numeric

Notes: UNF:6:ZuNxY6RxxczbGjZqbC8FLw==

f12087380 Location:

Summary Statistics: Valid 89195.0; Min. 0.01640000008046627; StDev 0.015987834197723143; Max. 0.05429999902844429; Mean 0.04248350617067464;

Variable Format: numeric

Notes: UNF:6:SHy3EJS+7F2xOxE48/1iGg==

f12087380 Location:

Summary Statistics: Min. 0.7997239232063293; Mean 1.0081403091760677; StDev 0.03305680372712275; Valid 89770.0; Max. 1.040235996246338

Variable Format: numeric

Notes: UNF:6:3uuZmwOfAtY1RHKO8kXSkQ==

f12087380 Location:

Summary Statistics: StDev 0.014113135352289188; Min. 0.04749999940395355; Valid 89770.0; Max. 0.10830000042915344; Mean 0.059199087557425194;

Variable Format: numeric

Notes: UNF:6:svX0FPeQL5T2Frl8SkJoFg==

f12087380 Location:

Summary Statistics: Mean 23.431298921761062; Valid 89770.0; StDev 5.192561526526066; Min. 17.479999542236328; Max. 28.809999465942383

Variable Format: numeric

Notes: UNF:6:otzYAzxkPnBEtpMenqkcrA==

f12087380 Location:

Summary Statistics: Max. 138.85299682617188; Min. 58.039100646972656; Valid 89770.0; StDev 22.471531710635748; Mean 113.17690680063045

Variable Format: numeric

Notes: UNF:6:5FT2n5LWIff3ftndnuVlww==

f12087380 Location:

Summary Statistics: Min. 0.0; StDev 0.23918917376770465; Max. 1.0; Valid 89770.0; Mean 0.060922357134892816;

Variable Format: numeric

Notes: UNF:6:89sC0o6+cQ0fRtn4TGsBaA==

f12087380 Location:

Summary Statistics: StDev 1.052840557584624; Min. 2001.0; Valid 89770.0; Max. 2004.0; Mean 2002.4412387211764

Variable Format: numeric

Notes: UNF:6:lWT3TfX4FjjtFRHcDLLdmg==

f12087380 Location:

Summary Statistics: StDev 0.49713311234028223; Max. 1.0; Valid 89770.0; Mean 0.5534922579926013; Min. 0.0

Variable Format: numeric

Notes: UNF:6:TwccG+xxdli3eTyHqIK9TA==

f12087380 Location:

Summary Statistics: Valid 89770.0; Mean 0.08675504065946711; Max. 1.0; StDev 0.2814773279728646; Min. 0.0

Variable Format: numeric

Notes: UNF:6:93O4F8f0y0/8LO05zbZvMw==

f12087380 Location:

Summary Statistics: StDev 0.30576620722395836; Min. 0.0; Mean 0.1043889940960234; Valid 89770.0; Max. 1.0;

Variable Format: numeric

Notes: UNF:6:CyoFGKxB94tjH+9+qJICtQ==

f12087380 Location:

Summary Statistics: Min. 0.0; Max. 1.0; Mean 0.11136237050240193; Valid 89770.0; StDev 0.3145820963313326

Variable Format: numeric

Notes: UNF:6:vt8uALT/YlLTTFtaOXAINA==

f12087380 Location:

Summary Statistics: Valid 89770.0; StDev 0.31492583756164205; Mean 0.11164085997549346; Min. 0.0; Max. 1.0

Variable Format: numeric

Notes: UNF:6:OVhEFl2vbh9Laj3SNfsC/w==

f12087380 Location:

Summary Statistics: Mean 0.1107719728194384; Min. 0.0; StDev 0.3138513025860193; Max. 1.0; Valid 89770.0;

Variable Format: numeric

Notes: UNF:6:7zPVv5xCncFvWYhL6iqtZQ==

f12087380 Location:

Summary Statistics: StDev 0.31199101728393847; Valid 89770.0; Max. 1.0; Mean 0.10927926924361138; Min. 0.0

Variable Format: numeric

Notes: UNF:6:157FqtWdLCGMlj0n+AEelA==

f12087380 Location:

Summary Statistics: StDev 0.31343639765506354; Valid 89770.0; Min. 0.0; Max. 1.0; Mean 0.1104377854517018

Variable Format: numeric

Notes: UNF:6:bPLYrWPU4KXYVuqqky9B/g==

f12087380 Location:

Summary Statistics: Max. 2.6437506675720215; StDev 0.0778511638258722; Mean 2.504411428057301; Valid 89770.0; Min. 2.171191930770874;

Variable Format: numeric

Notes: UNF:6:Df9zZwz95nr1pxeJ3uMBqw==

f12087380 Location:

Summary Statistics: Mean 0.03456611340090692; Max. 1.0; Min. 0.0; StDev 0.18267914208138666; Valid 89770.0

Variable Format: numeric

Notes: UNF:6:srNfcZnjaes/19l3X4adcg==

f12087380 Location:

Summary Statistics: Min. 0.0; Mean 0.1556978946195684; Valid 89770.0; Max. 1.0; StDev 0.36257071670530205

Variable Format: numeric

Notes: UNF:6:QlyBNt/xWYe2hVi/eqkPLA==

f12087380 Location:

Summary Statistics: Mean 0.5501058259998001; StDev 0.4974858421693819; Valid 89770.0; Max. 1.0; Min. 0.0;

Variable Format: numeric

Notes: UNF:6:fGNjTNiHMs0nZ43y1XeMDQ==

f12087380 Location:

Summary Statistics: Mean 0.3620251754485292; StDev 3.2554085064588443; Valid 89770.0; Max. 5.0; Min. -5.0

Variable Format: numeric

Notes: UNF:6:NmPP15GN0V7imuhQrZw53w==

f12087380 Location: