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Introduction to MultiPeriod Analysis
Decision Making with Point Estimates2 Decision Making Under
The Cost of Refunding28 The BondRefunding Problem with
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1-year-old bond American warrant amount analysis asset assume that management assumption bond outstanding bond-refunding call penalty callable bonds cash balance problem cash level chapter CM CM CM concave function consumption contingency claim control theory convex function cost of following decision maker decision problem decrease define derived utility function discount factor dollar dynamic programming formulation equal equipment replacement equity example execute expected cost expected utility expected value firm fixed cost floating flotation expense ft(Wt funds future interest rates horizon given increase incurs infinite horizon initial interest rates investment investor Journal of Finance level of cash machine Markov Markov process maturity maximize maximum maximum principle minimum cost Modigliani one-period optimal optimum policy option outstanding bond period present value probability of payment recursive relationship refunding decision risk solve stationary policy stock prices terminal wealth transaction costs understock costs valuation variable yield curve zero