Pricing the Strategic Value of Poison Put Bonds PDF Download
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Author: Alexander David
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Author: Alexander David
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Author: Alexander David
Publisher:
ISBN:
Category : Bondholders
Languages : en
Pages : 68
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Author: Alexander David
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
Putable security holders have a de facto first claim on the firm's liquid assets and can threaten to force solvent issuers to bear financial distress costs. Their threatening power implies that the puts have a strategic value larger than their intrinsic value. Strategic value depends on the issuer's size, potential distress costs, and the distribution of put ownership relative to the firm's liquidity position. The analysis of Kmart's put-induced crisis in 1995, and a calibration to observed secondary market yield reductions on poison put bonds, shows that strategic value is an important determinant of payouts received by bondholders.
Author: Jinill Kim
Publisher:
ISBN:
Category : Equilibrium (Economics)
Languages : en
Pages : 48
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Author: Frank J. Fabozzi
Publisher: John Wiley & Sons
ISBN: 0471446394
Category : Business & Economics
Languages : en
Pages : 336
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Praise for Managing a Corporate Bond Portfolio "Crabbe and Fabozzi's Managing a Corporate Bond Portfolio is a refreshingly good book on the neglected topic in fixed income portfolio management. If you want to understand the latest thinking in corporate bonds, what drives prices and why, read this book. You will emerge with knowledge that will help you get an edge in the competitive investing arena." -Tim Opler Director, Financial Strategy Group, CSFB "A practitioner's guide . . . a creative, comprehensive, and practical book that addresses the myriad of challenges facing managers of corporate bond portfolios. The chapter on liquidity, trading, and trading costs is a must read." -Mary Rooney Head of Credit Strategy, Merrill Lynch "As a Senior Portfolio Manager responsible for managing billions of dollars invested in fixed income product during the mid-1990s, Lee Crabbe was the one Wall Street strategist that I would read every week to help me figure out where value was in the corporate bond market, and for insightful and easy-to-understand special reports that educated me and most investors on the risks and opportunities inherent in new structures and subordinated products. Fortunately for me and investors, Lee Crabbe and Frank Fabozzi have written this book, which compiles much of their previous work on corporate bond valuation, along with new features that are a must read, especially in light of the volatile times in the corporate bond market over the past few years. For portfolio managers, analysts, traders, and even strategists, if there is one book in your bookshelf that you should have on corporate bond portfolio management, it is this one." -William H. Cunningham Managing Director, Director of Credit Strategy, J.P. Morgan Securities Inc. www.wileyfinance.com
Author: Yvan Lengwiler
Publisher:
ISBN:
Category : Auctions
Languages : en
Pages : 28
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Author:
Publisher:
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Category : Business
Languages : en
Pages : 74
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Author: Daniel Heller
Publisher:
ISBN:
Category : Auctions
Languages : en
Pages : 24
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Author: Mark Fisher
Publisher:
ISBN:
Category : Consumption (Economics)
Languages : en
Pages : 60
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Author: Athanasios Orphanides
Publisher:
ISBN:
Category : Inflation (Finance)
Languages : en
Pages : 70
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