Market Valuation of Illiquid Debt and Implications for Conflicts Among Creditors /

Market Valuation of Illiquid Debt and Implications for Conflicts Among Creditors /

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 of...

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Bibliografiske detaljer
Hovedforfatter:	Bartolini, Leonardo
Andre forfattere:	Dixit, Avinash
Format:	Tidsskrift
Sprog:	English
Udgivet:	Washington, D.C. : International Monetary Fund, 1990.
Serier:	IMF Working Papers; Working Paper ; No. 1990/088
Fag:	Debtor Country International Lending and Debt Problems Market Value Riskless Rate WP
Online adgang:	Full text available on IMF

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