A model for valuing bonds and embedded options
AJ Kalotay, GO Williams, FJ Fabozzi - Financial Analysts Journal, 1993 - Taylor & Francis
One can value a bond by discounting each of its cash flows at its own zero-coupon (" spot')
rate. This procedure is equivalent to discounting the cash flows at a series of one-…
rate. This procedure is equivalent to discounting the cash flows at a series of one-…
Tax differentials and callable bonds
WM Boyce, AJ Kalotay - The journal of finance, 1979 - JSTOR
A NUMBER OF INVESTIGATORS have considered reasons why various options are
included when bonds are issued. Most attention centers on the almost invariable inclusion in …
included when bonds are issued. Most attention centers on the almost invariable inclusion in …
Optimum bond calling and refunding
WM Boyce, AJ Kalotay - Interfaces, 1979 - pubsonline.informs.org
Long-term corporate bonds have traditionally been issued with a call option, whereby the
issuing company reserves the right to call the bond, that is, to redeem or buy back the bond …
issuing company reserves the right to call the bond, that is, to redeem or buy back the bond …
Refunding efficiency: a generalized approach
AJ Kalotay, D Yang, FJ Fabozzi - Applied Financial Economics …, 2007 - Taylor & Francis
… In the original paper, Boyce and Kalotay suggested 85% as the minimum acceptable
efficiency. With the advent of the interest rate derivatives market allowing for synthetic ‘monetization…
efficiency. With the advent of the interest rate derivatives market allowing for synthetic ‘monetization…
[PDF][PDF] What Makes the Municipal Yield Curve Rise?
AJ Kalotay, MP Dorigan - The Journal of Fixed Income, 2008 - Citeseer
Yield curves are fundamental to the understanding of bond values. In the taxable market,
the standard benchmark is the Treasury curve, which indicates the levels at which the US …
the standard benchmark is the Treasury curve, which indicates the levels at which the US …
Structural solution to the linear calibration problem
AJ Kalotay - Technometrics, 1971 - Taylor & Francis
The relationship between a controllable x and a response y can often be described by the
simple linear regression model. In the Linear Calibration Problem in addition to n responses (y …
simple linear regression model. In the Linear Calibration Problem in addition to n responses (y …
Capacity expansion and specialization
AJ Kalotay - Management Science, 1973 - pubsonline.informs.org
We consider a firm which is constrained to meet a growing demand for each of its two
services. There are two types of equipment available to the firm: an expensive general-purpose …
services. There are two types of equipment available to the firm: an expensive general-purpose …
An analysis of original issue discount bonds
AJ Kalotay - Financial Management, 1984 - JSTOR
We investigate the interaction of interest rates and corporate income taxes upon the cost of
original issue discount bonds. This interaction provides an explanation for the virtual non-…
original issue discount bonds. This interaction provides an explanation for the virtual non-…
On the Advanced Refunding of Discounted Debt
AJ Kalotay - Financial Management, 1978 - JSTOR
This paper attempts to establish that refunding of discounted debt under typical tax treatment
of the gain income is not profitable; that under certain favorable tax treatment of the gain …
of the gain income is not profitable; that under certain favorable tax treatment of the gain …
Joint capacity expansion without rearrangement
AJ Kalotay - Journal of the Operational Research Society, 1975 - Springer
In problems of joint capacity expansion one must consider not only the cost of construction
of facilities, but also the costs due to the conversion and rearrangement of facilities. In the …
of facilities, but also the costs due to the conversion and rearrangement of facilities. In the …