Colonnello, Stefano; Efing, Matthias; Zucchi, Francesca - 2018
Credit default swaps (CDSs) can create empty creditors who potentially force borrowers into inefficient bankruptcy but … the effects of empty creditors on firm outcomes depend on the distribution of bargaining power among claimholders. Firms … are more likely to have empty creditors if these would face powerful shareholders in debt renegotiation. The empirical …
