Sven Klingler

Postdoktorstipendiat - Institutt for finans


Link to my personal website

My research interests are in the area of asset pricing with financial frictions. I study how funding frictions affect hedge fund returns, long-term interest rate swap rates, and CDS premiums of safe sovereigns. In a recent paper, we analyze how more trading activity affects the performance of Collateralized Loan Obligations (CLOs).


Klingler, Sven & Sundaresan, Suresh M. (2019)

An Explanation of Negative Swap Spreads: Demand for Duration from Underfunded Pension Plans

Journal of Finance Doi: 10.1111/jofi.12750

Klingler, Sven & Lando, David (2018)

Safe Haven CDS Premiums

The Review of financial studies, 31(5), s. 1856- 1895. Doi: 10.1093/rfs/hhy021 - Fulltekst i vitenarkiv

Credit default swaps can be used to lower the capital requirements of dealer banks entering into uncollateralized derivatives positions with sovereigns. We show in a model that the regulatory incentive to obtain capital relief makes CDS contracts valuable to dealer banks and empirically that, consistent with the use of CDS for regulatory purposes, there is a disconnect between changes in bond yield spreads and in CDS premiums, especially for safe sovereigns. Additional empirical tests related to the volume of contracts outstanding, effects of regulatory proxies, and the corporate bond and CDS markets support that CDS contracts are used for capital relief.

Akademisk grad
År Akademisk institusjon Grad
2017 Copenhagen Business School PhD
År Arbeidsgiver Tittel
2017 - Present BI Norwegian Business School Assistant professor