Do Empty Creditors Matter? Evidence from Distressed Exchange Offers
研究了信用违约互换（CDS）对困境企业债务重组的影响，发现存在CDS的公司债券持有人参与交换要约的比例显著更低，这增加了未来破产的可能性，验证了空头债权人假说。
In this paper, I examine the effect of credit default swaps (CDSs) on the restructuring of distressed firms. Using a sample of U.S. distressed exchange offers during the period 2006–2011, I show that the participation rate among bondholders is significantly lower if the firm has CDSs traded on its debt. To address endogeneity concerns, I use the introduction of the Big Bang Protocol as a natural experiment. The results suggest that firms with CDSs find it difficult to reduce debt out of court. This is important because it can increase the likelihood of future bankruptcy, which is inefficient. The findings are consistent with the empty creditor hypothesis, which posits that bondholders who are hedged with CDSs are less likely to participate in a debt restructuring. The paper also contains direct evidence for the existence of empty creditors. This paper was accepted by Amit Seru, finance.