Orange County破产一文的补充：本不应该破产，再撑一年就大翻身了

The Orange County Bankruptcy and Its Aftermath: Some New Evidence (Digest Summary)

 

Merton H. Miller and David J. Ross

Journal of Derivatives, Vol. 4, No. 4 (Summer 1997): 51-60

Summarized by 

Johann deVilliers, CFA

 

DOI: http://dx.doi.org/10.2469/dig.v28.n1.222

 

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Abstract

The authors study the composition of the Orange County Investment Pool on December 1, 1994. They find that the pool was neither illiquid nor insolvent and that its financial condition did not mandate bankruptcy. If the pool had not been liquidated but had instead been allowed to follow its hold-to-maturity strategy, Orange County would not only have avoided the losses it realized and reported but also would have generated substantial cash inflows during 1995. 

M Miller 是诺贝尔经济奖得主，金融学MM theorem 理论创始人之一

Merton H. Miller is at the Graduate School of Business, the University of Chicago.

David J. Ross is at Lexecon Inc.

 

 

所有跟帖： 

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• 百年一遇的危机都遇到好几回了 -slow_quick- ♂ (0 bytes) () 12/22/2016 postreply 21:20:09