Pricing Corporate Securities as Contingent Claims
| Author/creator | Garbade, Kenneth Author |
| Format | Electronic |
| Publication Info | Cambridge : MIT Press |
| Description | 480 p. ill 10.000 x 07.000 in. |
| Supplemental Content | Full text available from MIT Press Direct to Open Backfile HSS Monographs |
| Subjects |
| Summary | Annotation <p>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.</p> |
| Access restriction | Available only to authorized users. |
| Technical details | Mode of access: World Wide Web |
| Genre/form | Electronic books. |
| LCCN | 2001044153 |
| ISBN | 9780262072236 |
| ISBN | 0262072238 (Trade Cloth) Active Record |
| Standard identifier# | 9780262072236 |
| Stock number | 00015994 |
Availability
| Library | Location | Call Number | Status | Item Actions |
|---|---|---|---|---|
| Electronic Resources | Access Content Online | ✔ Available |