Market Valuation of Illiquid Debt and Implications for Conflicts Among Creditors /
We develop a formula for the market value of debt when the borrower's repayment capacity varies stochastically, and shortfalls are rolled over. The value of a marginal dollar of nominal claim is an S-shaped function of the ratio of the repayment capacity to the amount of nominal debt. Shifts of...
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| Médium: | Časopis |
| Jazyk: | English |
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Washington, D.C. :
International Monetary Fund,
1990.
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| Edice: | IMF Working Papers; Working Paper ;
No. 1990/088 |
| Témata: | |
| On-line přístup: | Full text available on IMF |