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Measuring Credit Risk : CDS Spreads vs. Credit Ratings
Karagozoglu, Ahmet K - 2010
The prices of or spread on credit default swaps (CDS) theoretically represent the pure credit risk of a firm. Callen, Livnat and Segal (2007) note that although the CDS premium is related to credit ratings issued by the rating agencies, rather wide variation in CDS spreads are observed for firms...
Persistent link: https://www.econbiz.de/10013147945
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Do empty creditors matter? : evidence from distressed exchange offers
Danis, András - 2013
likelihood of future bankruptcy. …
Persistent link: https://www.econbiz.de/10010191943
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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
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Corporate Distress, Credit Default Swaps, and Defaults : Information and Traditional, Contingent, and Empty Creditors
Hu, Henry T. C. - 2019
Persistent link: https://www.econbiz.de/10012896650
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Do Credit Default Swaps Matter After They Are Settled? Evidence from Debt Recovery Rates
Qi, Min - 2016
restructuring or bankruptcy filings and, presumably, should cease to be relevant after the settlements. However, we find that the … for the bankrupt firms with CDS contracts before bankruptcy filings. This CDS effect on recovery rates is more pronounced … for bonds than for loans. The overall evidence is consistent with the view that CDS trigger earlier bankruptcy filings …
Persistent link: https://www.econbiz.de/10013005997
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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
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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 … evidence confirms that more CDS insurance is written on firms with strong shareholders and that CDSs increase the bankruptcy …
Persistent link: https://www.econbiz.de/10011868608
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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
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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
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/10011547110
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Identifying empty creditors with a shock and micro-data
Degryse, Hans; Gündüz, Yalın; O'Flynn, Kuchulain; … - 2020
the bankruptcy code in Germany, that effectively removes their potential impact on CDS firms. Using a unique dataset on …
Persistent link: https://www.econbiz.de/10012181510