The Equilibrium Distributions of Value for Risky Stocks and Bonds

The Equilibrium Distributions of Value for Risky Stocks and Bonds
Within a unified theory for stocks and corporate bonds, based on dynamic optimization by investors, this paper derives analytical expressions for the momentary distributions of expected price, respectively known to approximate lognormal with systematic deviations (high peak, fat tail) and double exponential (for credit risk). Market equilibrium... READ MORE...

Publication date: April 2001
ISBN 9781451845839
$15.00

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