credit default swaps (CDS) as a negative shock to creditor governance. I provide evidence consistent with shareholders … pushing for a substitution effect between internal governance and creditor governance. Following CDS introduction, CDS firms … reduce managerial risk-taking incentives relative to other firms. At the same time, after the start of CDS trading, CDS firms …

CDS protection when facing strong shareholders, and that (2) CDS trading reduces the distance-to-default, investment, and …

such debt unbundling crucially hinge on shareholder bargaining power. We find that creditors buy more CDS protection when … CDS trading, the distance-to-default, investment, and market value of firms with powerful shareholders drop by 7.9%, 7 …

such debt unbundling crucially hinge on shareholder bargaining power. We find that creditors buy more CDS protection when … CDS trading, the distance-to-default, investment, and market value of firms with powerful shareholders drop by 7.9%, 7 …

We examine price discovery in the Credit Default Swap and corporate bond market. By using a Markov switching framework … show that price discovery takes place mostly on the CDS market. The importance of the CDS market even increases during the …'s contribution to price discovery. During the crisis period, however, we also find a positive link between leverage and CDS market …

Firm political contributions are associated with lower credit default swap spreads for contributing firms. To address …