Multiple Potential Payers and Sovereign Bond Prices (notice n° 166627)
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| 000 -LEADER | |
|---|---|
| fixed length control field | 01200cam a2200169 4500500 |
| 005 - DATE AND TIME OF LATEST TRANSACTION | |
| control field | 20250112034100.0 |
| 041 ## - LANGUAGE CODE | |
| Language code of text/sound track or separate title | fre |
| 042 ## - AUTHENTICATION CODE | |
| Authentication code | dc |
| 100 10 - MAIN ENTRY--PERSONAL NAME | |
| Personal name | Oosterlinck, Kim |
| Relator term | author |
| 245 00 - TITLE STATEMENT | |
| Title | Multiple Potential Payers and Sovereign Bond Prices |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. | |
| Date of publication, distribution, etc. | 2008.<br/> |
| 500 ## - GENERAL NOTE | |
| General note | 25 |
| 520 ## - SUMMARY, ETC. | |
| Summary, etc. | Sovereign bonds are usually priced under the assumption that only the issuer may be responsible of their repayment. In some cases however, bondholders may legitimately expect to be repaid by more than one agent. This paper first discusses the theoretical financial implications stemming from an infrequent and challenging situation, namely the existence of multiple potential payers. Then, through a historical precedent, the 1918 Russian repudiation, the paper confirms that the existence of multiple payers has a diversification effect which lowers the volatility of the bond price and increases its value. These results are strengthened by a comparison with a closely related standard case of default. |
| 700 10 - ADDED ENTRY--PERSONAL NAME | |
| Personal name | Ureche-Rangau, Loredana |
| Relator term | author |
| 786 0# - DATA SOURCE ENTRY | |
| Note | Finance | 29 | 1 | 2008-06-01 | p. 31-52 | 0752-6180 |
| 856 41 - ELECTRONIC LOCATION AND ACCESS | |
| Uniform Resource Identifier | <a href="https://shs.cairn.info/journal-finance-2008-1-page-31?lang=en">https://shs.cairn.info/journal-finance-2008-1-page-31?lang=en</a> |
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