Titlebook: Crisis, Debt, and Default; The Effects of Time Philip Ernstberger Book 2016 Springer Fachmedien Wiesbaden 2016 Global Games.Ratings.Curren

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提煉

Obstruction

indignant

extinguish

frenzy

Modelment to investors will be R, in case of default it is zero. The state of the firm is characterized through the fundamental state θ, which is drawn from an improper uniform prior distribution and cannot be observed directly. However, public information about the firm is available y = θ + ηy, where ηy

frenzy

Pricing Bondse expects from holding the bond. As stated before, a bond pays 1 in case the firm survives and 0 if it fails. Hence, the expected payoff equals the survival probability. If the bond price is above the expected payoff, investors take the profit and foreclose. For bond prices below, investors roll ove

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Nomadic

Introductionompetitor analysis, investor relations services, or news agencies. How do creditors process this information, so they can build beliefs about the state of a firm, on which they base their investment decision? In a global game, creditors receive signals about the underlying state, which are weighed a

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