When a default payment occurs, many bankruptcy codes favour firm continuation against
claims reimbursement ie immediate liquidation of the firm assets. Hence, safety covenants (…

The main purpose of this paper is to examine empirically the time series properties of the
French Market Volatility Index (VX1). We also examine the VX1's ability to forecast future …

This paper develops a model of debt renegotiation in a structural framework that accounts
for taxes, bankruptcy costs and renegotiation costs. To our knowledge, all the previous work …

Ce livre traite tous les concepts de finance de marché enmettant l'accent sur les actions, les
obligations et les options.• La partie 1, sur les actions, présente la théorie classique de la …

… e r R F Δ t p ; otherwise S has no incentive to trade with R. … F for financing the production
should satisfy L R F e ( r f + ψ S ) Δ t p = E [ min { L R F e r R F Δ t p ; γ w q R F } ] = L R F e r R F …

This paper analyzes the efficiency of hedging strategies for stock options in the presence of
jump clustering. In the proposed model, the asset is ruled by a jump-diffusion process, …

… where \(f_{t}\), \(f_{\lambda }\), \(f_{S}\) and \(f_{SS}\) are partial derivatives of f with respect
to time, intensity and stock price. Applying this Itô’s lemma to the function \(f(t,\lambda _{t},S_{t},…

Most decision theories, including expected utility theory, rank-dependent utility theory and
cumulative prospect theory, assume that investors are only interested in the distribution of …

The economic and environmental sustainability of extensive livestock production systems
requires the optimisation of soil management, pasture production and animal grazing. Soil …

This paper provides a theoretical analysis of trade credit within a real options framework. We
show that under trade credit the buyer delays the decision to stop production, getting closer …