Browsing Discussion papers (FOR) by Author "Mjøs, Aksel"
Now showing items 1-7 of 7
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Callable risky perpetual debt : options, pricing and bankruptcy implications
Mjøs, Aksel; Persson, Svein-Arne (Discussion paper, Working paper, 2006-01-05)Issuances of perpetual risky debt are often motivated by capital requirements for financial institutions. However, observed market practice indicates that actual maturity equals first possible call date. We analyze callable ... -
Credit supply shocks, financial constraints and investments for small and medium-sized firms
Hetland, Ove Rein; Mjøs, Aksel (Discussion paper;2012:11, Working paper, 2012-09)In this paper, we find that reduced credit supply reduces firm investments in our sample of small private firms. The effect is strongest for the least financially constrained firms. We use a representative survey of ... -
Level dependent annuities : defaults of multiple degrees
Mjøs, Aksel; Persson, Svein-Arne (Discussion paper, Working paper, 2008-03)Motivated by the risk of stopped debt coupon payments from a leveraged company in financial distress, we value a level dependent annuity contract where the annuity rate depends on the value of an underlying asset-process. ... -
Making Bank: Why High Bank Leverage is Optimal - for the Bank's Shareholders
Atreya, Nikhil; Mjøs, Aksel; Persson, Svein-Arne (Discussion paper;33/15, Working paper, 2015-11-27)We create a structural credit model to calculate the optimal capital structure for a bank that provides asset backed loans, such as corporate loans and mortgages. The bank's assets are loans, which means that the bank's ... -
A model of deferred callability in defautable debt
Mjøs, Aksel; Persson, Svein-Arne (Discussion paper, Working paper, 2009-05) -
On the pricing of performance sensitive debt
Mjøs, Aksel; Persson, Svein-Arne; Myklebust, Tor Åge (Discussion paper, Working paper, 2011-03) -
Using bank mergers and acquisitions to understand lending relationships
Hetland, Ove Rein; Mjøs, Aksel (Discussion paper;2011:13, Working paper, 2011-08)We study how firm-bank lending relationships affect firms' access to and terms of credit. We use bank mergers and acquisitions (M&As) as exogenous events that affect lending relationships. Bank M&As lead to organisational ...