Note--Planning and Forecast Horizons for the Bond Refunding Problem

Yoram Friedman and Zvi Lieber
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Yoram Friedman: Tel Aviv University
Zvi Lieber: Tel Aviv University

Management Science, 1975, vol. 21, issue 11, 1332-1337

Abstract: This paper discusses the planning horizon issues of the dynamic bond refunding problem, when interest, floatation and call costs are changing arbitrarily over time and are deterministic. A planning horizon theorem is proved, enabling us to identify planning and forecasting horizons and thus reducing information requirements and increasing computational efficiency.

Date: 1975
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Persistent link: https://EconPapers.repec.org/RePEc:inm:ormnsc:v:21:y:1975:i:11:p:1332-1337

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