Prior research and recent anecdotes during the financial crisis demonstrate that lack of creditor coordination can … exacerbate distress thereby illustrating the economic importance of creditor coordination effects. This study develops and … incorporates empirical ex ante measures, or predictors, of creditor coordination effects in distress prediction. Using a …

"In Bankrupt in America, Mary and Brad Hansen show that examination of how Americans have used bankruptcy law and the … history of the law itself offers important perspective on the history of bankruptcy in America. Using new statistical and … documentary evidence, they illustrate the cycles of interaction between bankruptcy law's use and its own evolution. The authors …

and liquidate borrowers excessively often. This empty creditor problem is concentrated in firms whose creditors would face …

I study the relation between internal governance and creditor governance. A deterioration in creditor governance may … 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 …

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 …