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Publikováno v:
Economics Letters, Volume 181, August 2019, Pages 169-173
Black and Cox (1976) claim that the value of junior debt is increasing in asset risk when the firm's value is low. We show, using closed-form solution, that the junior debt's value is hump-shaped. This has interesting implications for the market-disc
Externí odkaz:
http://arxiv.org/abs/2006.15309
