Default Risk Assessed

George A. Philips

Chapter 6 in Convertible Bond Markets, 1997, pp 86-94 from Palgrave Macmillan

Abstract: Abstract One of the things which makes the analysis of convertible bonds more difficult relates to the whole question of default risk inherent in the instruments. Strictly, shares do not have default risk — they do not promise a particular set of cashflows in the future. This chapter is devoted to a more systematic assessment of this subject area, and once we have established by whom and how ratings are established for companies, and what exactly is meant by ‘default risk’, we specifically attempt to pinpoint how an approach may be taken to value this element of a convertible bond price.

Keywords: Capital Structure; Default Risk; Bond Price; Credit Rating Agency; Convertible Bond (search for similar items in EconPapers)
Date: 1997
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DOI: 10.1007/978-1-349-14385-6_6

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