Cornerstone Research analyzed the relative value of several classes of high yield bodog online casino issued by an emerging market company that subsequently failed.
Cornerstone Research analyzed the relative value of several classes of high yield bodog online casino issued by an emerging market company that subsequently failed during the 1998 currency crisis. The bodog online casino, which were issued to fund a large industrial project, had different times to maturity and different priorities in the event of bankruptcy.
The lack of adequate market comparables for each class of bodog online casino required us to employ a contingent claims framework in which bodog online casino of different seniority are viewed as options on the company’s underlying assets. The model we developed allowed us to quantify the difference in value of the junior bodog online casino relative to the senior bodog online casino while simultaneously matching the observed market value of equity.