We derive consistent contingent-claims models for valuing implicit options embedded in structured notes, and use them to compare the cost of fixing the spread with that of fixing the price in bond tender offers. We analyze 289 bond tender offers and find that the cost difference is economically...

This paper reviews innovative corporate securities through year-end 2000. We describe 80 distinct new securities, which we categorize as 1) debt, 2) preferred stock, 3) convertible securities, and 4) common equity. For each security, we analyze probable sources of value added and provide a brief...

This practical book provides a comprehensive prudent approach to issuing, managing and retiring corporate debt obligations, and can be used by practitioners in every industry. This book explains how companies can use debt as much more than just a source of funds. From start up to traditional...