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作者：Karolyi, GA; Stulz, RM
作者单位：National Bureau of Economic Research
摘要：This article presents a model for valuing claims subject to default by both contracting parties, such as swaps and forwards. With counterparties of different default risk, the promised cash flows of a swap are discounted by a switching discount rate that, at any given state and time, is equal to the discount rate of the counterparty for whom the swap is currently out of the money (that is, a liability). The impact of credit-risk asymmetry and of netting is presented through both theory and num...
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作者：Ghysels, E
作者单位：Universite de Montreal
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作者：Benos, AV
作者单位：Hautes Etudes Commerciales (HEC) Paris
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作者：Ghysels, E
作者单位：Universite de Montreal
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作者：McQueen, G; Pinegar, M; Thorley, S
摘要：This article examines the conflict of interest between shareholders and bondholders in a setting in which firms can renegotiate the terms of existing debt with public debtholders. In particular, we consider one of the most common types of debt restructuring: the exit-exchange offer. Our analysis explores the relation between exit-exchange offers and investment choice by the manager, and it concludes that managers, acting strategically on behalf of shareholders, may select inefficient investmen...
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作者：Cai, J; Chan, KC; Yamada, T
作者单位：Hong Kong University of Science & Technology
