Mella-Barral, Pierre - Institut de Recherche Économique et Sociale (IRES), … - 1995
This paper examines the pricing and efficiency implications of debt exchange offers. The continuous-time model employed … exchanges offers. Polar cases are examined in which the debt is either held by a single bank or by many bond-holders, that is … interesting finding that under the often criticised exit-consent provision, optimal public debt exchange offers are ex-ante the …