likelihood of future bankruptcy. …

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 … the bankruptcy code in Germany, that effectively removes their potential impact on CDS firms. Using a unique dataset on …

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 … the bankruptcy code in Germany that effectively removes their potential impact on CDS firms. Using a unique dataset on …

suffered by creditors. Using German small business data, the study finds that business closure due to financial problems is … business’ future development or because the owner takes a different earning opportunity are less likely to entail losses for … creditors. The findings suggest that creditors are better off when entrepreneurs have a clear picture of their own abilities and …

Credit derivatives give creditors the possibility to transfer debt cash flow rights to other market participants while … such debt unbundling crucially hinge on shareholder bargaining power. We find that creditors buy more CDS protection when …

Credit derivatives give creditors the possibility to transfer debt cash flow rights to other market participants while … such debt unbundling crucially hinge on shareholder bargaining power. We find that creditors buy more CDS protection when …