This is the sequel to the authors' 1989 article discussing the two basic discounted cash flow
approaches for valuing debt‐financed transactions and corporations: weighted average cost …

This paper examines the effects on bank valuation of the Mexican debt moratorium in
August 1982. The Mexican default resulted in the passage of regulations requiring public …

Previous studies of optimal unemployment insurance (UI) design ignore the impact of UI on
human capital investment decisions. We show that fully experience-rated UI increases …

Firms that expect net cash flows in foreign currencies are exposed to fluctuations in the
domestic currency value of these payments due to unexpected changes in both exchange and …

This paper describes the pricing and duration of floating-rate instruments when the borrower's
credit risk has changed since the note was issued. In these cases, the value of the note on …

In the past decade, the members of the Organization of Petroleum Exporting Countries (OPEC)
have amassed billions of dollars of financial wealth as the value of their oil sales …

Finance theorists and practitioners tend to use one of three discounted cash flow valuation
techniques when valuing a levered corporation: 1. Weighted average cost of capital (WACC) 2…

Es tablished theory of optimal policy intervention prescribes the appropriate policy mix if (l)
domes tic firms hire labor at a distorted wage and (2) the domestic country wields …

In this paper it is shown that an exhaustible resource owner" s supply response to the offer of
an indexed bond depends on the correlation between the relative price of the resource and …

In this paper it is shown that an exhaustible resource owner’s supply response to the offer of
an indexed bond depends on the correlation between the relative price of the resource and …