Similar Search Results

My credit but your problem: the real effects of credit risk trading

Colonnello, Stefano; Efing, Matthias; Zucchi, Francesca - 2016

Creditors are increasingly transferring debt cash flow rights to other market participants while retaining control rights. We use the market for credit default swaps (CDSs) as a laboratory to show that such debt decoupling causes large adverse effects on firms whose shareholders have high...

Persistent link: https://www.econbiz.de/10011445695

Empty creditors and strong shareholders : the real effects of credit risk trading : fourth draft

Colonnello, Stefano; Efing, Matthias; Zucchi, Francesca - 2017 - This draft: May 17, 2017

Credit derivatives allow creditors to transfer debt cash flow rights to other market participants while retaining control rights. Theory predicts that this transfer can create empty creditors that do not fully internalize liquidation costs and liquidate borrowers excessively often. This empty...

Persistent link: https://www.econbiz.de/10011654225

Shareholder bargaining power and the emergence of empty creditors

Colonnello, Stefano; Efing, Matthias; Zucchi, Francesca - 2018

Credit default swaps (CDSs) can create empty creditors who potentially force borrowers into inefficient bankruptcy but also reduce shareholders‘ incentives to default strategically. We show theoretically and empirically that the presence and the effects of empty creditors on firm outcomes...

Persistent link: https://www.econbiz.de/10011868608

Empty creditors and strong shareholders : the real effects of credit risk trading : second draft

Colonnello, Stefano; Efing, Matthias; Zucchi, Francesca - 2016 - Second draft: May 31, 2016

Credit derivatives give creditors the possibility to transfer debt cash flow rights to other market participants while retaining control rights. We use the market for credit default swaps (CDSs) as a laboratory to show that the real effects of such debt unbundling crucially hinge on shareholder...

Persistent link: https://www.econbiz.de/10011489100

Empty creditors and strong shareholders : the real effects of credit risk trading : third draft

Colonnello, Stefano; Efing, Matthias; Zucchi, Francesca - 2016 - This draft: October 16, 2016

Persistent link: https://www.econbiz.de/10011547110

Shareholder bargaining power and the emergence of empty creditors : fifth draft

Colonnello, Stefano; Efing, Matthias; Zucchi, Francesca - 2018 - This draft: May 17, 2018

Credit default swaps (CDSs) can create empty creditors who potentially force borrowers into inefficient bankruptcy but also reduce shareholders' incentives to default strategically. We show theoretically and empirically that the presence and the effects of empty creditors on firm outcomes depend...

Persistent link: https://www.econbiz.de/10011847167

The impact of delay : evidence from formal out-of-court restructuring

Filer, Randall Keith; Kovač, Dejan; Shapiro, Jacob N.; … - 2021

Bankruptcy restructuring procedures are used in most legal systems to decide the fate of businesses facing financial hardship. We study how bargaining failures in such procedures impact the economic performance of participating firms in the context of Croatia, which introduced a...

Persistent link: https://www.econbiz.de/10012617601

Moving towards a more dynamic business sector in Spain

González Pandiella, Alberto - 2014

be relieved. This would be facilitated by more efficient insolvency procedures and further development of non …

Persistent link: https://www.econbiz.de/10010464863

Insolvency regimes, technology diffusion and productivity growth : evidence from firms in OECD countries

McGowan, Muge Adalet; Andrews, Dan; Millot, Valentine - 2017

This paper explores the link between the design of insolvency regimes across countries and laggard firms’ multi …-factor productivity (MFP) growth, using new OECD indicators of the design of insolvency regimes. Firm-level analysis shows that reforms to … insolvency regimes that lower barriers to corporate restructuring are associated with higher MFP growth of laggard firms. These …

Persistent link: https://www.econbiz.de/10011823606

Internal governance and creditor governance : evidence from credit default swaps : second draft

Colonnello, Stefano - 2017

I study the relation between internal governance and creditor governance. A deterioration in creditor governance may increase the agency costs of debt and managerial opportunism at the expense of shareholders. I exploit the introduction of credit default swaps (CDS) as a negative shock to...

Persistent link: https://www.econbiz.de/10011597199

1
2
3
4
5
6
7
8
9
10
Next
Last