Despite the comparatively short history of credit default swaps (CDSs), they are one of thefastest growing and most controversially discussed financial innovations from the last decades, although, a CDS can simply be seen as insurance that offers protection against the default of a company, government or credit (portfolio) (Hull, 2012). The cumulative dissertation at hand contributes to the vast CDS literature in the following way. Initially, Hippert et al. (2019a) is, to the best of my knowledge, the first paper that analyzes CDS indices as an alternative asset class for trading credit risk exposure in a portfolio context. In this context, the authors explain the diversification potentials of CDS indices for a traditional financial portfolio consisting of sovereign bonds and stocks. In a next step, Hippert et al. (2019b) elaborate why investors insure against banks by using a new measure, i.e. the stock amount of CDS trading on a specific bank. Finally, Hippert (2019) analyzes the impact of announcements of mergers and acquisitions on the risk perception of CDS investors of acquiring corporate firms as measured by the increase in abnormal CDS spread changes.