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Research Details

Dynamic Models of Bond Refunding, Decision Sciences

Abstract

Dynamic programming models of bond refunding have been given by Weingartner, Kalymon and Elton and Gruber. This paper gives a formulation of this problem that lends itself to extensions including the term structure of interest rates, delayed-call provisions, and "rolling over" the outstanding debt. Finally, the cost of computation is examined, along with some examples.

Type

Article

Author(s)

Robert Magee

Date Published

1975

Citations

Magee, Robert. 1975. Dynamic Models of Bond Refunding. Decision Sciences. 6(4): 614-630.

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