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Economic Quarterly

First Quarter 2012

Contingent Capital: The Trigger Problem

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In this article, we analyze price triggers in contingent capital bonds. We illustrate the pervasiveness of multiple equilibria and the nonexistence of equilibrium in theoretical models. We summarize evidence of these problems from market experiments and we evaluate possible solutions.

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Lisa Davis (804) 697-8179

Economic Quarterly

Contingent Capital: The Trigger Problem

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