摘要：This paper examines unethical misuse of three derivative securities of mortgage-backed
securities (MBS), credit default swap (CDS), and collateralized debt obligations (CDO) to
understand the cause of the global financial crisis. The authors then gauge their effects on market
volatility based on how past major events affected swings in the volatility index (VIX).
Additionally, the authors examine how the unethical misuse of these securities and their effects
on market volatility contributed to the global financial crisis.
