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Continuous-time models in corporate finance, banking, and insurance

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Continuous-time models in corporate finance, banking, and insuranceSantiago Moreno-Bromberg, Jean-Charles Rochet.
作者:	Moreno-Bromberg, Santiago.
其他作者:	Rochet, Jean-Charles.
出版者:	Princeton, NJ :Princeton University Press,c2018.
面頁冊數:	1 online resource (224 p.) :ill.
標題:	Banks and banking.
電子資源:	http://www.degruyter.com/isbn/9781400889204
ISBN:	9781400889204$q(electronic bk.)

Continuous-time models in corporate finance, banking, and insurance
Moreno-Bromberg, Santiago.

Continuous-time models in corporate finance, banking, and insurance[electronic resource] /Santiago Moreno-Bromberg, Jean-Charles Rochet. - 1st ed. - Princeton, NJ :Princeton University Press,c2018. - 1 online resource (224 p.) :ill.

Includes bibliographical references and index.

Frontmatter --

Continuous-Time Models in Corporate Finance synthesizes four decades of research to show how stochastic calculus can be used in corporate finance. Combining mathematical rigor with economic intuition, Santiago Moreno-Bromberg and Jean-Charles Rochet analyze corporate decisions such as dividend distribution, the issuance of securities, and capital structure and default. They pay particular attention to financial intermediaries, including banks and insurance companies.The authors begin by recalling the ways that option-pricing techniques can be employed for the pricing of corporate debt and equity. They then present the dynamic model of the trade-off between taxes and bankruptcy costs and derive implications for optimal capital structure. The core chapter introduces the workhorse liquidity-management model-where liquidity and risk management decisions are made in order to minimize the costs of external finance. This model is used to study corporate finance decisions and specific features of banks and insurance companies. The book concludes by presenting the dynamic agency model, where financial frictions stem from the lack of interest alignment between a firm's manager and its financiers. The appendix contains an overview of the main mathematical tools used throughout the book.Requiring some familiarity with stochastic calculus methods, Continuous-Time Models in Corporate Finance will be useful for students, researchers, and professionals who want to develop dynamic models of firms' financial decisions.

In English.

ISBN: 9781400889204$q(electronic bk.)

Standard No.: 10.1515/9781400889204doiSubjects--Topical Terms:

188025
Banks and banking.

LC Class. No.: HG4026 / .M6647 2018eb

Dewey Class. No.: 658.1501/515222

Continuous-time models in corporate finance, banking, and insurance
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300 $a 1 online resource (224 p.) : $b ill.
504 $a Includes bibliographical references and index.
505 0 0 $t Frontmatter -- $t Contents -- $t Preface -- $t Introduction -- $t 1. Why Is Option Pricing Useful in Corporate Finance? -- $t 2. The Base Liquidity-Management Model -- $t 3. Equity Issuance -- $t 4. Applications to Banking -- $t 5. Applications to Insurance -- $t 6. Applications to Investment -- $t 7. Agency Frictions -- $t 8. Equilibrium Models -- $t Appendix A Proofs of Main Results and Technical Complements -- $t Appendix B The Modigliani-Miller Theorem -- $t Appendix C Useful Mathematical Results -- $t References -- $t Index.
520 $a Continuous-Time Models in Corporate Finance synthesizes four decades of research to show how stochastic calculus can be used in corporate finance. Combining mathematical rigor with economic intuition, Santiago Moreno-Bromberg and Jean-Charles Rochet analyze corporate decisions such as dividend distribution, the issuance of securities, and capital structure and default. They pay particular attention to financial intermediaries, including banks and insurance companies.The authors begin by recalling the ways that option-pricing techniques can be employed for the pricing of corporate debt and equity. They then present the dynamic model of the trade-off between taxes and bankruptcy costs and derive implications for optimal capital structure. The core chapter introduces the workhorse liquidity-management model-where liquidity and risk management decisions are made in order to minimize the costs of external finance. This model is used to study corporate finance decisions and specific features of banks and insurance companies. The book concludes by presenting the dynamic agency model, where financial frictions stem from the lack of interest alignment between a firm's manager and its financiers. The appendix contains an overview of the main mathematical tools used throughout the book.Requiring some familiarity with stochastic calculus methods, Continuous-Time Models in Corporate Finance will be useful for students, researchers, and professionals who want to develop dynamic models of firms' financial decisions.
546 $a In English.
588 0 $a Description based on online resource; title from PDF title page (publisher's Web site, viewed 27. Sep 2021)
650 0 $a Banks and banking. $3 188025
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