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Extra info for Financial Engineering Principles: A Unified Theory for Financial Product Analysis and Valuation
In this instance we can say that for us the market’s price is also the worth of the asset. If we do not happen to agree with the market, that is fine too; we can sell short the asset if we believe that its value is above its current price, or we can buy the asset if we believe its value is below its market price. In either event, we can follow meaningful strategies even when (perhaps especially when) our sense of value is not precisely in line with the market’s sense of value. Expanding on these two notions of price and worth, let us now examine a few of the ways that market practitioners might try to evaluate each.
A firm specializing in distressed situations might buy the bad debt (the downgraded or defaulted securities) with an eye to squeezing some value from the seizure of the company’s assets. Bad debt buyers also might be able to reschedule a portion of the outstanding sums owed under terms acceptable to all those involved. If we go back to the formula for pricing a two-year Treasury note, we will most certainly want to make some adjustments to identify the price of a two-year non-Treasury issue. To compensate for the added risk associated with a non-Treasury bond we will want a higher coupon paid out to us— we will want a coupon payment above C.
Dollar, the pound sterling, Canadian dollar, the Japanese yen, and the euro. S. dollar, pound sterling, yen, and euro. CHAPTER SUMMARY This chapter has identified and defined the big three: equities, bonds, and currencies. The text discussed linkages among equities and bonds in particular, noting that an equity gives a shareholder the unique right to vote on matters pertaining to a company while a bond gives a debtholder the unique right to a senior claim against assets in the event of default.