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Market Valuation of Illiquid Debt and Implications for Conflicts Among Creditors
Bartolini, Leonardo; Dixit, Avinash K. - International Monetary Fund (IMF) - 1990
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...
Persistent link: https://www.econbiz.de/10005248307
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Market valuation of illiquid debt and implications for conflicts among creditors
Bartolini, Leonardo - In: Staff papers / International Monetary Fund 38 (1991) 4, pp. 828-849
Persistent link: https://www.econbiz.de/10001115490
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Market Valuation of Illiquid Debt and Implications for Conflicts Among Creditors
Bartolini, Leonardo - 1990
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...
Persistent link: https://www.econbiz.de/10014396015
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Market valuation of illiquid debt and implications for conflicts among creditors
Bartolini, Leonardo - 1990
Persistent link: https://www.econbiz.de/10013424923