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ALM and Asset Management - April 15, 2011

Special presentation to be held in Paris in May as part of the Rothschild & Cie research chair on "The Case for Inflation-Linked Corporate Bonds: Issuers’ and Investors’ Perspectives"

At a special presentation entitled “How to Improve Corporate Debt Programmes with Inflation Linked Corporate Bonds” organised in Paris on 3 May, Lionel Martellini, Scientific Director at EDHEC-Risk Institute, will detail the recent EDHEC-Risk Institute research in this field and examine the following topics:

  • On the relevance of debt management
  • A simplified approach to debt management decisions
  • Introducing inflation-linked bonds
  • Numerical estimates of debt management benefits
  • Reconciling the needs of issuers and investors
The main contribution of this research, conducted as part of the the Rothschild & Cie research chair on "The Case for Inflation-Linked Corporate Bonds: Issuers’ and Investors’ Perspectives", is to provide a joint quantitative analysis of capital-structure decisions and debt structure decisions within a standard continuous-time model in the presence of interest-rate and inflation risks. The principal findings are that debt management has an impact on capital structure and that an optimal debt structure can facilitate substantial increases in firm value. The research finds that a number of corporations would benefit from issuing inflation-linked bonds, bonds usually associated with sovereign states.

For further information about the event, please contact severine.anjubault@edhec-risk.com.

Attachments

Paris seminar programme