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The macroeconomic analysis of corporate bond markets typically is based on aggregate measures of growth, employment, interest rates and monetary policy. The impact of changes of these variables on corporate revenues and cash flows and thus on credit risk depends on financial and operating leverage and on the ratio of earnings or cash flows to [...]
The management option to alter the capital structure establishes the link between structural models and fundamental credit analysis. It may be remembered that in the Merton framework the strike price of both the call and the put option on the firm’s assets changes when the capital structure of a company changes. This is undoubtedly one [...]