Session 24: Distressed Equity as an option

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Examine how equity in troubled firms with large debt burdens can behave like options, with implications for investing and corporate finance.
  1. Aswath Damodaran
  2. Valuation
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Комментарии
Автор

Congrats Mr. Damodaran! Its a very impressive work which helps us a lot. Just finishing your course, i believe it was really important to point and remember some issues of valuation. ty. keep doing this wonderful work!

FabioPestanaBezerra
Автор

The variance of distressed companies will be much higher than the industry average that has been suggested here to be used. Dont you think we should be using the historical average of variance in similar distressed companies ? After all that variance or volatility is what is providing value to our equity.

vishwasmaheshwari
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My Are we using Variance or Standard Deviation in d1 formula please? Thanks.

beomkomap
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My problem with this is that the derivation of black scholes is based on replication portfolios and 0 arbitrage. Can you really apply Black Scholes here if you can't "replicate" this pay off naturally?

drewbalkin