上市公司可转换债券定价和赎回政策研究.pdfVIP

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  • 2015-11-06 发布于安徽
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上市公司可转换债券定价和赎回政策研究.pdf

Abstract Convertiblebondisoneofthefewfinancialproductsthathaveintroducedinchina recently.Asanewfinancialinstrumentinchina,convertiblebondmayplayanimportant roleinbroadeningenterprisesfinancingchannelsandenrichingthevarietyofinvesting instruments. Onthebasisoftheconvertiblebondpricingmodelsstudies,thispaperderiverthe optimalcallpolicyforconvertibledebtusingacontingent-claimsmodel.Ourmodel includestheeffectsofcorporatetaxesandallowsthepossibilityofdefaultpriorto maturity,bothofwhichwereignoredintheexistingcontingent-claimsmodels.O

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