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Default Risk Assessed

In: Convertible Bond Markets

Author

Listed:
  • George A. Philips

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.

Suggested Citation

  • George A. Philips, 1997. "Default Risk Assessed," Palgrave Macmillan Books, in: Convertible Bond Markets, chapter 6, pages 86-94, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-14385-6_6
    DOI: 10.1007/978-1-349-14385-6_6
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