Dark Knights: The Rise in Firm Intervention by Credit Default Swap Investors

The authors thank conference participants at the European Finance Association Meeting 2019, Canadian Derivatives Institute (CDI) 2019, Western Finance Association 2020, IDC Annual Conference in Financial Economics Research, IDC Herzliya (Israel) 2020, Midwest Finance Association 2020, American Finance Association 2021, Conference in Financial Market Regulation 2021, and the Society of Financial Studies Cavalcade 2021 for their feedback. They also thank the editor (Lukas Schmid), two anonymous referees, Patrick Augustin, Philip Bond, Sudheer Chava, Jonathan Cohn (WFA discussant), Jason Donaldson (AFA discussant), Matthias Efing (EFA discussant), Julian Franke, Vincent Glode (CDI discussant), Rich Mathews (Cavalcade discussant), Martin Oehmke (IDC discussant), Jovan Stojkovic (CFMR discussant), Heather Tookes, Zhe Wang (MFA discussant), Daniel Weagley, and Adam Zawadowski as well as seminar participants at Georgia Tech, the Office of the Comptroller of the Currency, the University of Maryland, Tilburg University, Erasmus University, ESCP Paris, the University of Luxembourg, ESSEC, EDHEC, and Copenhagen Business School for their comments. The authors thank Marti Subrahmanyam, Dragon Tang, and Sarah Wang for sharing their data and Yue Hu for excellent research assistance.