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Corporate liquidity and dividend policy under uncertainty
(2016)
We examine optimal liquidity (retained earnings) and dividend choice incorporating debt financing with risk of default and bankruptcy costs as well as growth options under revenue uncertainty. We revisit the conditions for ...
The Survival Zone for a Bond with both Call and Put Options Embedded
(1998)
We present a numerical method to price bonds that have multiple embedded options with an emphasis on the case with both long call and short put options. The valuation framework is a one-factor model for the term structure ...