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BibTex format

@article{Cathcart:2016:10.1111/jmcb.12294,
author = {Cathcart, L and Bedendo, M and El-Jahel, L},
doi = {10.1111/jmcb.12294},
journal = {Journal of Money, Credit and Banking},
pages = {165--201},
title = {Distressed debt restructuring in the presence of credit default swaps},
url = {http://dx.doi.org/10.1111/jmcb.12294},
volume = {48},
year = {2016}
}

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TY  - JOUR
AB  - 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.
AU  - Cathcart,L
AU  - Bedendo,M
AU  - El-Jahel,L
DO  - 10.1111/jmcb.12294
EP  - 201
PY  - 2016///
SN  - 1538-4616
SP  - 165
TI  - Distressed debt restructuring in the presence of credit default swaps
T2  - Journal of Money, Credit and Banking
UR  - http://dx.doi.org/10.1111/jmcb.12294
UR  - https://onlinelibrary.wiley.com/doi/full/10.1111/jmcb.12294
UR  - http://hdl.handle.net/10044/1/32446
VL  - 48
ER  -

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