Firms with credit-default swaps (CDS) traded on their debt may face "empty creditors" as hedged creditors have less … incentive to participate in firm restructuring. We test for the existence of empty creditors by employing an exogenous change to … of empty creditors is removed. This effect increases in the average CDS hedge position of a firm's creditors and in the …

Firms with credit-default swaps (CDS) traded on their debt may face "empty creditors" as hedged creditors have less … incentive to participate in firm restructuring. We test for the existence of empty creditors by employing an exogenous change to … of empty creditors is removed. This effect increases in the average CDS hedge position of a firm's creditors and in the …

Firms with credit-default swaps (CDS) traded on their debt may face "empty creditors'' as hedged creditors have less … incentive to participate in firm restructuring. We test for the existence of empty creditors by employing an exogenous change to … drops when the effect of empty creditors is removed. This effect increases in the average CDS hedge position of a firm …

Credit default swaps (CDSs) can create empty creditors who potentially force borrowers into inefficient bankruptcy but … the effects of empty creditors on firm outcomes depend on the distribution of bargaining power among claimholders. Firms … are more likely to have empty creditors if these would face powerful shareholders in debt renegotiation. The empirical …

Credit default swaps (CDSs) can create empty creditors who potentially force borrowers into inefficient bankruptcy but … the effects of empty creditors on firm outcomes depend on the distribution of bargaining power among claimholders. Firms … are more likely to have empty creditors if these would face powerful shareholders in debt renegotiation. The empirical …

Credit default swaps (CDSs) can create empty creditors who potentially force borrowers into inefficient bankruptcy but … the effects of empty creditors on firm outcomes depend on the distribution of bargaining power among claimholders. Firms … are more likely to have empty creditors if these would face powerful shareholders in debt renegotiation. The empirical …

control rights. Theory predicts that this transfer can create empty creditors that do not fully internalize liquidation costs …