Black and Scholes (1973) and Merton (1973, 1974) (hereafter referred to as BSM) introduced the contingent claim approach (CCA) to the valuation of corporate deb

Bringing together developments from the past 30years in contingent valuation, this book examines the relative value of securities in a corporation's capital str

The recent global financial crisis has forced a re-examination of risk transmission in the financial sector and how it affects financial stability. Current macr

V.1. Foundations of CCA and equity valuation -- v. 2. Corporate debt valuation with CCA -- v. 3. Empirical testing and applications of CCA -- v. 4. Contingent c