On the Valuation of Federal Loan Guarantees to Corporations
用期权定价方法估算联邦贷款担保的纯金钱成本、企业高级和次级债务的利息节省以及项目的隐含现值盈利指数，帮助理解政府担保项目的负债规模。
ABSTRACT Since 1956, Federal Loan Guarantee Programs have expanded to the point where recipients of guarantees represent most segments of the economy. Considerable debate centers on the determination of the magnitude of the liability of the Federal Government that is represented by these programs. This paper illustrates how option pricing techniques may be used to obtain estimates of the purely pecuniary costs of loan guarantees, interest saving to the firm on senior and junior debt, and implicit present value profitability indices of projects.