Firms with credit-default swaps (CDS) traded on their debt may face "empty creditors" as hedged creditors have less … bank-firm CDS net notional and credit exposures we find that the probability of default for CDS firms drops when the effect … constrained embed the empty creditor effect into their probability of default estimates of affected firms to a larger extent. So …

crisis, however, their importance has increased strongly. (II) In line with a plausible default order, we observe that …

This paper explores how selective default expectations affect the pricing of sovereign bonds in a historical laboratory …: the German default of the 1930s. We analyze yield differentials between identical government bonds traded across various … selective default probability can be priced in bond yield spreads. Selective default risk accounted for one third of the yield …

entrepreneurship. -- Personal bankruptcy law ; insolvency ; entrepreneurship ; fresh start …