Optimal dividend and capital structure with debt covenants

DOI10.1007/S10957-020-01760-4MaRDI QIDQ2025293zbMATH OpenOpenAlexFDO

Authors Etienne Chevalier, Vathana Ly Vath, Alexandre Roch

Publication date 11 May 2021

Published in Journal of Optimization Theory and Applications (Search for Journal in Brave)

Full work available at URL https://doi.org/10.1007/s10957-020-01760-4

zbMATH Keywords

optimal stoppingviscosity solutionssystem of variational inequalitiesbankruptcysingular controlsdebt covenants

Mathematics Subject Classification ID

Credit risk (91G40) Corporate finance (dividends, real options, etc.) (91G50) Viscosity solutions to Hamilton-Jacobi equations in optimal control and differential games (49L25) Stopping times; optimal stopping problems; gambling theory (60G40)

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Cites work

• A Diffusion Model for Optimal Dividend Distribution for a Company with Constraints on Risk Control
• A mixed singular/switching control problem for a dividend policy with reversible technology investment
• An optimal dividend and investment control problem under debt constraints
• An optimal dividend policy with delayed capital injections
• Controlled diffusion models for optimal dividend pay-out
• Convergent Numerical Scheme for Singular Stochastic Control with State Constraints in a Portfolio Selection Problem
• Interplay between dividend rate and business constraints for a financial corporation
• Liquidity management with decreasing returns to scale and secured credit line
• Liquidity risk and optimal dividend/investment strategies
• Numerical methods for optimal dividend payment and investment strategies of regime-switching jump diffusion models with capital injections
• Numerical solutions of optimal risk control and dividend optimization policies under a generalized singular control formulation
• Optimal Financing of a Corporation Subject To Random Returns
• Optimal dividend and issuance of equity policies in the presence of proportional costs
• Optimal dividend policy and growth option
• Optimization of the flow of dividends

Cited in

(8)

• Risky debt and optimal coupon policy and other optimal strategies
• Optimal control of a big financial company with debt liability under bankrupt probability constraints
• Equity value, bankruptcy, and optimal dividend policy with finite maturity -- variational inequality approach with discontinuous coefficient
• Optimal harvesting under marine reserves and uncertain environment
• Interplay between dividend rate and business constraints for a financial corporation
• An optimal dividend and investment control problem under debt constraints
• Dividend policy and capital structure of a defaultable firm
• Capital structure with firm's net cash payouts

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