English, Article, Journal or magazine article edition: Last Resort Gambles, Risky Debt and Liquidation Policy Elettra Agliardi; Rainer Andergassen

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Bookmark: http://trove.nla.gov.au/version/145287
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Last Resort Gambles, Risky Debt and Liquidation Policy
Author
  • Elettra Agliardi
  • Rainer Andergassen
Physical Description
  • preprint
Notes
  • This paper develops a real option model in which the interaction between debt, liquidation policy and risky investments is studied. We consider a manager who owns the firm and faces the opportunity to invest in risky pro jects which may bo ost current profits at the cost of bankruptcy if they turn out to be unsuccessful. These investments are "last resort gambles" in the sense that, if successful, they save the company from insolvency, while, if unsuccessful, they make liquidation unavoidable. We show that last resort gamble strategies delay liquidation. We study how the liquidation and the last resort gamble strategies are affected by the firmÕs capital structure.
  • Last resort gambles; risky investments; liquidation policy; real options.
  • RePEc:rim:rimwps:31-07
Language
  • English
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