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 …

optimal to prioritise the rights of holdout creditors during litigation so that they are always paid in full. We clarify how …

and UK firms. We consider the monitoring role of large blockholders, the market for share blocks, creditors, and non … creditors play an active role in disciplining. Block purchases have a monitoring role in Belgium and Germany, but not in France …