Bond Games
分析了公司利用债务契约中的限制和期权进行策略性交易，以及债券持有人联合抵抗以获取期权价值的行为，这些博弈显著影响公司债券价格。
Corporate debt indentures are complex contracts that include a variety of restrictions and options. On one side, an issuing corporation can engineer game-based transactions to escape covenant restrictions or capture option value for its stockholders. On the other side, bondholders can form coalitions to resist a corporation's endeavors and capture option value for the coalition. This article analyzes several types of such strategic debt transactions. The examples show that corporate debt games can strongly influence corporate bond prices.