Heterogeneous-Expectations Model of the Value of Bonds Bearing Call Options
收藏NBER1977-12-01 更新2025-01-04 收录
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https://www.nber.org/papers/w0218
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资源简介：
This paper develops a dynamic programming model of the optimal refunding strategy and the corresponding value of a callable bond. The model differs from previous work on this subject primarily in that it explicitly admits the possibility of differences between the issuer's expectations of future
提供机构：
美国国家经济研究局创建时间：
1977-12-01
