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Pricing corporate securities as contingent claims /

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 continge...

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Detalles Bibliográficos
Clasificación:Libro Electrónico
Autor principal: Garbade, Kenneth D.
Formato: Electrónico eBook
Idioma:Inglés
Publicado: Cambridge, Mass. : MIT Press, ©2001.
Temas:
Acceso en línea:Texto completo
Descripción
Sumario: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.
Descripción Física:1 online resource (xii, 415 pages) : illustrations
Bibliografía:Includes bibliographical references and index.
ISBN:9780262273480
0262273489
0262072238
9780262072236
0585475458
9780585475455