Chidambaran, N. K.; Fernando, Chitru S.; Spindt, Paul A. - Financial Institutions Center, Wharton School of Business - 1999
In 1993 and early 1994, Freeport McMoRan Copper and Gold (FCX), a mining company, issued two series of gold-denominated depositary shares to raise 430 million dollars expanding their mining capacity in Indonesia. We price the depositary shares using a term structure model for the forward rates...
