{"id":"https://openalex.org/W4361304953","doi":"https://doi.org/10.1287/mnsc.2023.4717","title":"Dark Knights: The Rise in Firm Intervention by Credit Default Swap Investors","display_name":"Dark Knights: The Rise in Firm Intervention by Credit Default Swap Investors","publication_year":2023,"publication_date":"2023-03-29","ids":{"openalex":"https://openalex.org/W4361304953","doi":"https://doi.org/10.1287/mnsc.2023.4717"},"language":"en","primary_location":{"id":"doi:10.1287/mnsc.2023.4717","is_oa":false,"landing_page_url":"https://doi.org/10.1287/mnsc.2023.4717","pdf_url":null,"source":{"id":"https://openalex.org/S33323087","display_name":"Management Science","issn_l":"0025-1909","issn":["0025-1909","1526-5501"],"is_oa":false,"is_in_doaj":false,"is_core":true,"host_organization":"https://openalex.org/P4310315699","host_organization_name":"Institute for Operations Research and the Management Sciences","host_organization_lineage":["https://openalex.org/P4310315699"],"host_organization_lineage_names":["Institute for Operations Research and the Management Sciences"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Management Science","raw_type":"journal-article"},"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5001404588","display_name":"Andr\u00e1s Danis","orcid":"https://orcid.org/0000-0002-6673-4571"},"institutions":[{"id":"https://openalex.org/I130701444","display_name":"Georgia Institute of Technology","ror":"https://ror.org/01zkghx44","country_code":"US","type":"education","lineage":["https://openalex.org/I130701444"]},{"id":"https://openalex.org/I198945027","display_name":"Central European University","ror":"https://ror.org/02zx40v98","country_code":"AT","type":"education","lineage":["https://openalex.org/I198945027"]}],"countries":["AT","US"],"is_corresponding":true,"raw_author_name":"Andr\u00e1s Danis","raw_affiliation_strings":["Department of Economics and Business, Central European University, 1100 Vienna, Austria;","Scheller College of Business, Georgia Institute of Technology, Atlanta, Georgia 30308;"],"affiliations":[{"raw_affiliation_string":"Department of Economics and Business, Central European University, 1100 Vienna, Austria;","institution_ids":["https://openalex.org/I198945027"]},{"raw_affiliation_string":"Scheller College of Business, Georgia Institute of Technology, Atlanta, Georgia 30308;","institution_ids":["https://openalex.org/I130701444"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5007683223","display_name":"Andrea Gamba","orcid":"https://orcid.org/0000-0001-6571-4635"},"institutions":[{"id":"https://openalex.org/I39555362","display_name":"University of Warwick","ror":"https://ror.org/01a77tt86","country_code":"GB","type":"education","lineage":["https://openalex.org/I39555362"]}],"countries":["GB"],"is_corresponding":false,"raw_author_name":"Andrea Gamba","raw_affiliation_strings":["Warwick Business School, University of Warwick, Coventry CV4 7AL, United Kingdom"],"affiliations":[{"raw_affiliation_string":"Warwick Business School, University of Warwick, Coventry CV4 7AL, United Kingdom","institution_ids":["https://openalex.org/I39555362"]}]}],"institutions":[],"countries_distinct_count":3,"institutions_distinct_count":2,"corresponding_author_ids":["https://openalex.org/A5001404588"],"corresponding_institution_ids":["https://openalex.org/I130701444","https://openalex.org/I198945027"],"apc_list":null,"apc_paid":null,"fwci":1.1838,"has_fulltext":false,"cited_by_count":6,"citation_normalized_percentile":{"value":0.77999697,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":{"min":90,"max":96},"biblio":{"volume":"70","issue":"2","first_page":"952","last_page":"970"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10127","display_name":"Banking stability, regulation, efficiency","score":0.9961000084877014,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10127","display_name":"Banking stability, regulation, efficiency","score":0.9961000084877014,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.994700014591217,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12509","display_name":"Corporate Insolvency and Governance","score":0.9937000274658203,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/credit-default-swap","display_name":"Credit default swap","score":0.8090011477470398},{"id":"https://openalex.org/keywords/restructuring","display_name":"Restructuring","score":0.6724258065223694},{"id":"https://openalex.org/keywords/equity","display_name":"Equity (law)","score":0.6476953029632568},{"id":"https://openalex.org/keywords/creditor","display_name":"Creditor","score":0.6088221073150635},{"id":"https://openalex.org/keywords/debt","display_name":"Debt","score":0.6037043929100037},{"id":"https://openalex.org/keywords/swap","display_name":"Swap (finance)","score":0.5907831192016602},{"id":"https://openalex.org/keywords/intervention","display_name":"Intervention (counseling)","score":0.5643812417984009},{"id":"https://openalex.org/keywords/business","display_name":"Business","score":0.5257359743118286},{"id":"https://openalex.org/keywords/default","display_name":"Default","score":0.4400297999382019},{"id":"https://openalex.org/keywords/credit-default-swap-index","display_name":"Credit default swap index","score":0.4120978116989136},{"id":"https://openalex.org/keywords/financial-economics","display_name":"Financial economics","score":0.3463614284992218},{"id":"https://openalex.org/keywords/economics","display_name":"Economics","score":0.3296283483505249},{"id":"https://openalex.org/keywords/finance","display_name":"Finance","score":0.3042045831680298},{"id":"https://openalex.org/keywords/credit-risk","display_name":"Credit risk","score":0.29239457845687866},{"id":"https://openalex.org/keywords/credit-valuation-adjustment","display_name":"Credit valuation adjustment","score":0.2657855749130249},{"id":"https://openalex.org/keywords/credit-reference","display_name":"Credit reference","score":0.17536011338233948}],"concepts":[{"id":"https://openalex.org/C30589699","wikidata":"https://www.wikidata.org/wiki/Q624028","display_name":"Credit default swap","level":3,"score":0.8090011477470398},{"id":"https://openalex.org/C45237549","wikidata":"https://www.wikidata.org/wiki/Q1376796","display_name":"Restructuring","level":2,"score":0.6724258065223694},{"id":"https://openalex.org/C199728807","wikidata":"https://www.wikidata.org/wiki/Q2578557","display_name":"Equity (law)","level":2,"score":0.6476953029632568},{"id":"https://openalex.org/C159091798","wikidata":"https://www.wikidata.org/wiki/Q157165","display_name":"Creditor","level":3,"score":0.6088221073150635},{"id":"https://openalex.org/C120527767","wikidata":"https://www.wikidata.org/wiki/Q3196867","display_name":"Debt","level":2,"score":0.6037043929100037},{"id":"https://openalex.org/C99821215","wikidata":"https://www.wikidata.org/wiki/Q1136583","display_name":"Swap (finance)","level":2,"score":0.5907831192016602},{"id":"https://openalex.org/C2780665704","wikidata":"https://www.wikidata.org/wiki/Q959298","display_name":"Intervention (counseling)","level":2,"score":0.5643812417984009},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.5257359743118286},{"id":"https://openalex.org/C69637215","wikidata":"https://www.wikidata.org/wiki/Q702362","display_name":"Default","level":2,"score":0.4400297999382019},{"id":"https://openalex.org/C90992651","wikidata":"https://www.wikidata.org/wiki/Q933132","display_name":"Credit default swap index","level":5,"score":0.4120978116989136},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.3463614284992218},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.3296283483505249},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.3042045831680298},{"id":"https://openalex.org/C178350159","wikidata":"https://www.wikidata.org/wiki/Q162714","display_name":"Credit risk","level":2,"score":0.29239457845687866},{"id":"https://openalex.org/C89997419","wikidata":"https://www.wikidata.org/wiki/Q2828882","display_name":"Credit valuation adjustment","level":4,"score":0.2657855749130249},{"id":"https://openalex.org/C24308983","wikidata":"https://www.wikidata.org/wiki/Q5183781","display_name":"Credit reference","level":3,"score":0.17536011338233948},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0},{"id":"https://openalex.org/C118552586","wikidata":"https://www.wikidata.org/wiki/Q7867","display_name":"Psychiatry","level":1,"score":0.0},{"id":"https://openalex.org/C15744967","wikidata":"https://www.wikidata.org/wiki/Q9418","display_name":"Psychology","level":0,"score":0.0},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.0}],"mesh":[],"locations_count":3,"locations":[{"id":"doi:10.1287/mnsc.2023.4717","is_oa":false,"landing_page_url":"https://doi.org/10.1287/mnsc.2023.4717","pdf_url":null,"source":{"id":"https://openalex.org/S33323087","display_name":"Management Science","issn_l":"0025-1909","issn":["0025-1909","1526-5501"],"is_oa":false,"is_in_doaj":false,"is_core":true,"host_organization":"https://openalex.org/P4310315699","host_organization_name":"Institute for Operations Research and the Management Sciences","host_organization_lineage":["https://openalex.org/P4310315699"],"host_organization_lineage_names":["Institute for Operations Research and the Management Sciences"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Management Science","raw_type":"journal-article"},{"id":"pmh:oai:wrap.warwick.ac.uk:173161","is_oa":false,"landing_page_url":null,"pdf_url":null,"source":{"id":"https://openalex.org/S4306400665","display_name":"Warwick Research Archive Portal (University of Warwick)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"host_organization":"https://openalex.org/I39555362","host_organization_name":"University of Warwick","host_organization_lineage":["https://openalex.org/I39555362"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"acceptedVersion","is_accepted":true,"is_published":false,"raw_source_name":"","raw_type":"Journal Article"},{"id":"pmh:oai:RePEc:inm:ormnsc:v:70:y:2024:i:2:p:952-970","is_oa":false,"landing_page_url":"http://doi.org/10.1287/mnsc.2023.4717","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"}],"best_oa_location":null,"sustainable_development_goals":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":20,"referenced_works":["https://openalex.org/W1974764876","https://openalex.org/W2016995324","https://openalex.org/W2146223006","https://openalex.org/W2157509893","https://openalex.org/W2171247542","https://openalex.org/W2604705349","https://openalex.org/W2806363657","https://openalex.org/W3091221109","https://openalex.org/W3121879066","https://openalex.org/W3122576247","https://openalex.org/W3123930591","https://openalex.org/W3123993474","https://openalex.org/W3124374807","https://openalex.org/W3124446936","https://openalex.org/W3125470807","https://openalex.org/W3125577664","https://openalex.org/W3125898494","https://openalex.org/W3126112729","https://openalex.org/W3135833902","https://openalex.org/W3195084110"],"related_works":["https://openalex.org/W2318607823","https://openalex.org/W2007876610","https://openalex.org/W3121214655","https://openalex.org/W3172228670","https://openalex.org/W2143436114","https://openalex.org/W1514744740","https://openalex.org/W3123523397","https://openalex.org/W2288281054","https://openalex.org/W3124173097","https://openalex.org/W3125070058"],"abstract_inverted_index":{"There":[0],"have":[1],"been":[2],"several":[3],"cases":[4],"in":[5,17],"recent":[6],"years":[7],"where":[8],"credit":[9],"default":[10],"swap":[11],"(CDS)":[12],"buyers":[13,36],"and":[14,43,95],"sellers":[15,56],"intervene":[16],"the":[18,38,48,58,65,77,81,87],"restructuring":[19],"of":[20,50,60,67,74],"a":[21],"distressed":[22],"firm.":[23],"We":[24],"show":[25],"theoretically":[26],"that":[27],"this":[28],"can":[29,92],"increase":[30],"firm":[31,96],"value.":[32],"Intervention":[33,53],"by":[34,54,105],"CDS":[35,55,68],"solves":[37],"commitment":[39,78],"problem":[40,79,91],"between":[41],"equity":[42],"debt":[44],"holders":[45],"but":[46],"increases":[47],"probability":[49],"inefficient":[51],"liquidation.":[52],"reduces":[57],"issue":[59],"excessive":[61],"liquidation":[62,82],"while":[63],"keeping":[64],"benefits":[66],"buyer":[69],"intervention.":[70],"Having":[71],"both":[72],"types":[73],"intervention":[75],"decouples":[76],"from":[80],"problem.":[83],"Under":[84],"certain":[85],"assumptions,":[86],"so-called":[88],"empty":[89],"creditor":[90],"be":[93],"solved,":[94],"value":[97],"reaches":[98],"first":[99],"best.":[100],"This":[101],"paper":[102],"was":[103],"accepted":[104],"Lukas":[106],"Schmid,":[107],"finance.":[108],"Supplemental":[109],"Material:":[110],"The":[111],"internet":[112],"appendix":[113],"is":[114],"available":[115],"at":[116],"https://doi.org/10.1287/mnsc.2023.4717":[117],".":[118]},"counts_by_year":[{"year":2025,"cited_by_count":1},{"year":2024,"cited_by_count":1},{"year":2023,"cited_by_count":2},{"year":2022,"cited_by_count":2}],"updated_date":"2025-11-06T03:46:38.306776","created_date":"2025-10-10T00:00:00"}
