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Bringing together developments from the past 30years in contingent valuation, this book examines the relative value of securities in a corporation's capital str

The recent global financial crisis has forced a re-examination of risk transmission in the financial sector and how it affects financial stability. Current macr

Black and Scholes (1973) and Merton (1974) (hereafter referred to as BSM) introduced the contingent claim approach (CCA) to the valuation of corporate debt and

1. 1 The Area of Research In this thesis, we will investigate the 'market-conform' pricing of newly issued contingent claims. A contingent claim is a derivative

The research reported in this volume represents the second stage of a wide-ranging National Bureau of Economic Research effort to investigate "The Changing Role