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Working Papers

November 2011, No. 11-07

Contingent Capital: The Trigger Problem

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Price triggers in contingent capital bonds are analyzed. Pervasiveness of multiple equilibria and nonexistence of equilibrium in theoretical models is illustrated. Evidence of these problems from market experiments is summarized. Possible solutions are evaluated.

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Katrina Mullen (804) 697-8145

Working Papers

Contingent Capital: The Trigger Problem

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