haku: @author David, A. / yhteensä: 2
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| Tekijä: | David, A. |
| Otsikko: | Pricing the strategic value of putable securities in liquidity crises |
| Lehti: | Journal of Financial Economics
2001 : JAN, VOL. 59:1, p. 63-99 |
| Asiasana: | Strategic planning Liquidity Bankruptcy Costs Risk management Multilateral trade |
| Vapaa asiasana: | Credit risk protection Poison puts Liquidity trigger Multilateral negotiations |
| Kieli: | eng |
| Tiivistelmä: | Putable security holders have a de facto first claim on the firm's liquid assets and can threaten to force solvents issuers to bear financial distress costs. Their threatening power implies that the puts have a strategic value larger than their intrinsic value. Strategic value depends on the issuer's size, potential distress costs, and the distribution of put ownership relative to the firm's liquidity position. |
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