A Simple Approximation of the Value of Callable Convertible Preferred Stock
提出了一个可赎回可转换优先股的解析近似模型，允许延迟赎回和普通股现金分红。该模型计算简便，预测与数值解接近，且能合理预测市场价格，适合手持计算器或个人电脑使用。
We develop an analytic approximation of a model of callable convertible preferred stock that allows for deferred callability and cash dividends on the issuing firm's common stock. Predictions of the analytic approximation and the numerical solution are close, hence we show that the benefit of the method (ease of computation) outweighs the cost (negligible computational error). We also show that model prices predict market price with reasonable accuracy. The model is developed so that it may be solved on a handheld calculator or on a personal computer, making accurate price predictions readily available.