Phân tích tư tưởng của nhân dân qua đoạn thơ: Những người vợ nhớ chồng… Những cuộc đời đã hóa sông núi ta trong Đất nước của Nguyễn Khoa Điềm
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In this paper we develop a contingent valuation model for zero-coupon bonds with de-
fault. In order to emphasize the role of maturity time and place of the lenders claim in
the hierarchy of debt of a Þrm, we consider a Þrm that issues two bonds with different ma-
turities and different seniorage. The model allows us to analyze the implications of both
debt renegotiation and capital structure of a Þrm on the prices of bonds. We obtain that
renegotiation brings about a signiÞcant change in the bond prices and that the effect is dis-
persed through different channels: increasing the value of the Þrm, reallocating...
Nội dung trích xuất từ tài liệu:
Valuation of Defaultable Bonds and Debt Restructuring
