عنوان

Pricing corporate securities as contingent claims /

(Number (ISBN

0262072238

(Number (ISBN

0262273489

(Number (ISBN

0585475458

(Number (ISBN

9780262072236

(Number (ISBN

9780262273480

(Number (ISBN

9780585475455

Number

b748215

Title Proper

Pricing corporate securities as contingent claims /

General Material Designation

[Book]

First Statement of Responsibility

Kenneth D. Garbade.

Place of Publication, Distribution, etc.

Cambridge, Mass. :

Name of Publisher, Distributor, etc.

MIT Press,

Date of Publication, Distribution, etc.

©2001.

Specific Material Designation and Extent of Item

1 online resource (xii, 415 pages) :

Other Physical Details

illustrations

Text of Note

Includes bibliographical references and index.

Text of Note

1. Introduction, Overview, and Assumptions -- I. Basic Concepts. 2. The Contingent Value of Debt and Equity. 3. Senior and Subordinated Debt. 4. Institutional and Empirical Characteristics of Bankruptcy. 5. Bankruptcy Costs and Violations of the Absolute Priority Rule -- II. Securities with Call and Conversion Options. 6. Callable Debt. 7. Early Redemption of Callable Debt. 8. Convertible Debt. 9. Conversion Forcing Calls of Convertible Debt. 10. Warrants -- III. Payments to Creditors at Different Times. 11. Multiple Debt Securities. 12. Coupon-Bearing Debt. 13. Pay-in-Kind Bonds -- IV. Dividends and Other Discretionary Distributions to Shareholders. 14. Dividend-Paying Stock. 15. Optimal Dividend Policy. 16. Empirical Characteristics of Corporate Dividend Policy. 17. Leveraged Recapitalizations. 18. Spin-offs -- V. Assessing the Methodology. 19. Empirical Tests of Contingent Value Models. 20. Managerial Discretion and Implicit Management Options.

0

Text of Note

An examination of the relative value of securities in a corporation's capital structure, using the concept of contingent value analysis.In 1973, Fischer Black, Myron Scholes, and Robert Merton pointed out that securities issued by a corporation can be priced as claims whose values are contingent on the value of the enterprise as a whole. The notion of treating corporate securities as contingent claims is intrinsically important, but it is also important because it integrates a variety of otherwise loosely related topics, including equity risk, credit risk, seniority and subordination, early redemption of callable debt, and conversion of convertible debt.Bringing together developments from the past thirty years in contingent valuation, this book examines the relative value of securities in a corporation's capital structure, including debt of different priorities, convertible debt, common stock, and warrants. The book emphasizes the importance of accounting for the institutional characteristics of default, bankruptcy, and voluntary recapitalization of a financially distressed firm, as well as the exercise of managerial discretion in calling debt for early redemption, servicing debt, paying dividends to common shareholders, and undertaking strategic actions such as leveraged recapitalizations and spin-offs.

Source for Acquisition/Subscription Address

MIT Press

Source for Acquisition/Subscription Address

MIT Press

Stock Number

5532

Stock Number

9780262273480

Title

Pricing corporate securities as contingent claims.

International Standard Book Number

0262072238

Investment analysis-- Mathematical models.

Securities-- Prices-- Mathematical models.

Aandelen.

BUSINESS & ECONOMICS-- Investments & Securities-- General.

Econometrische modellen.

Investment analysis-- Mathematical models.

Prijzen (economie)

Securities-- Prices-- Mathematical models.

BUS-- 036000

Number

Edition

Class number

Book number

Garbade, Kenneth D.

Date of Transaction

20201204081618.0

Cataloguing Rules (Descriptive Conventions))

pn

Electronic name

[Book]

Y