Distressed Debt Restructuring in the Presence of Credit Default Swaps
研究了信用违约互换（CDS）是否导致空头债权人出现并影响债务重组方式，发现CDS并未促使企业更倾向破产而非庭外重组，但空头债权人可能提高困境交换后的回收价格。
The availability of credit insurance via credit default swaps has been closely associated with the emergence of empty creditors. We empirically investigate this issue by looking at the debt restructurings (distressed exchanges and bankruptcy filings) of rated, nonfinancial U.S. companies over the period January 2007–June 2011. Using different proxies for the existence of insured creditors, we do not find evidence that the access to credit insurance favors bankruptcy over a debt workout. However, we document higher recovery prices following a distressed exchange in firms where empty creditors are more likely to emerge.