Artboard 33atençãoArtboard 18atualizarconectividadeArtboard 42boletocarrinhocartãoArtboard 45cartão SaraivacelularArtboard 42Artboard 23checkArtboard 28Artboard 17?compararcompartilharcompartilhar ativoArtboard 28Artboard 43Artboard 49Artboard 47Artboard 15Artboard 32ebookArtboard 22Artboard 5Artboard 25Artboard 1Artboard 42Artboard 11fecharfilmesArtboard 23gamesArtboard 4Artboard 9Artboard 6hqimportadosinformáticaArtboard 7Artboard 3Artboard 12Artboard 25Artboard 34Artboard 43Artboard 44curtirArtboard 24Artboard 13livrosArtboard 24Artboard 31menumúsicaArtboard 27Artboard 30Artboard 36Artboard 44outrospapelariaArtboard 17Artboard 6Artboard 27Artboard 30Artboard 29Artboard 26Artboard 2Artboard 20Artboard 35estrelaestrela ativorelógiobuscaArtboard 50Artboard 26toda saraivaArtboard 40Artboard 21Artboard 10Artboard 37usuárioArtboard 46Artboard 33Artboard 8seta

A Commodity Linked Bond As An Optimal Debt Instrument In The Presence Of Moral Hazard (Classic Reprint) (Cód: 10114658)


Forgotten Books

Vendido e entregue por Saraiva

Ooops! Este produto não está mais a venda.
Mas não se preocupe, temos uma versão atualizada para você.

Ooopss! Este produto está fora de linha, mas temos outras opções para você.
Veja nossas sugestões abaixo!

R$ 39,80

em até 1x de R$ 39,80 sem juros
Cartão Saraiva: 1x de R$ 37,81 (-5%)


Em até 1x sem juros de

Cartão Saraiva:


Em até 1x sem juros de

A Commodity Linked Bond As An Optimal Debt Instrument In The Presence Of Moral Hazard (Classic Reprint)


Quer comprar em uma loja física? Veja a disponibilidade deste produto

Entregas internacionais: Consulte prazos e valores de entrega para regiões fora do Brasil na página do Carrinho.

ou receba na loja com frete grátis

Formas de envio Custo Entrega estimada

* Válido para compras efetuadas em dias úteis até às 15:00, horário de Brasília, com cartão de crédito e aprovadas na primeira tentativa.

X Consulte as lojas participantes

Saraiva MegaStore Shopping Eldorado Av. Rebouças, 3970 - 1º piso - Pinheiros CEP: 05402-600 - São Paulo - SP


Excerpt from A Commodity Linked Bond as an Optimal Debt Instrument in the Presence of Moral Hazard In this paper we communicate two results. First, we construct an example in which a firm strictly prefers to issue a bond linked to the price of a commodity as opposed to a fixed rate bond. The firm with a fixed rate bond chooses a suboptimal investment policy because the outstanding nominal obligation distorts the incentives of the equity owners. The commodity linked bond resolves this moral hazard problem. Second, we show that in the presence of moral hazard problems the traditional application of contingent claims valuation techniques leads to an incorrect valuation of the the real assets and consequently to an incorrect valuation of the financial liabilities written against those assets. We show how the technique can be adapted to yield correct valuations. Visiting Professor of Finance and Assistant Professor of Finance, respectively, Sloan School of Management, m.i.t. This research is supported in part by the Program on Investments, Finance, and Contracts of the Center for Energy Policy Research, Energy Laboratory, m.i.t. The use of commodity linked debt has been advocated by Lessard primarily as an instrument to improve risk sharing between less developed countries that are significantly dependent upon commodity exports and outside investors. Lessard also noted that the improved risk sharing would have consequences for capital budgeting. However, his argument did not focus upon the very direct nature in which a commodity linked bond could improve the equity owner's incentives to choose the optimal investment and Operating strategy. Lessard's suggestion has become quite popular, and there now exist many pr0posals for indexing of less developed country debt to the prices of various commodities or directly to export earnings. However, almost all of the literature continues to focus upon the problem of improved risk sharing. There is almost no attention given to the improved use of the real assets that can result from the proper design of commodity linked debt. In this paper we focus exclusively on the changes in use of the real assets. Our analysis demonstrates, therefore, why a commodity linked bond may be an optimal financing instrument for a project in a developed country as well as a project in a less developed country. It should be noted that the great majority of commodity linked bonds have been issued in developed countries and that many of the issues have been made by industrial corporations involved in mining or processing the relevant commodities as our analysis would predict and in contradiction to the predictions of most other explanations for the existence of these securities. Our analysis calls attention, moreover, to the fact that the optimal commodity linked contract must be tailored to the particular set of real assets being financed. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.


Produto sob encomenda Sim
Marca Forgotten Books
Cód. Barras 9781332255641
Altura 22.86 cm
I.S.B.N. 1332255647
Profundidade 0.15 cm
Referência 9781332255641
Acabamento Brochura
Ano da edição 2018
Idioma Inglês
Número de Páginas 30
Peso 0.05 Kg
Largura 15.24 cm