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 …

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 … drops when the effect of empty creditors is removed. This effect increases in the average CDS hedge position of a firm …

via a reverse merger (RM). We find that reputable placement agents with greater expertise (expert agents) help RM firms to …

collusion hypothesis, rivals of the merging firms benefit from the merger since successful collusion limits output and raises …

voting rules: ratio rules, difference rules, and share majority rules. The characterizations rely on two key axioms: merger … requires the shareholder voting rule to be immune to certain manipulative techniques used by shareholders to hide their …