可否解释下40m in debt
问题如下图：
选项：
A. 
B. 
C. 
D. 
解释：
NO.PZ2016082405000017 A non-vinpaying firm financewith 100% equity issues a zero-coupon bonwith a principamount of $50 million e in three years. Whare the values of the fferent components of the firm’s capitstructure the maturity te of the bonif the firm value thtime is $40 million? $50 million in an$10 million in equity. $10 million in an$30 million in equity. $50 million in an$40 million in equity. $40 million in an$0 in equity. The value of equity is the value of a call on the value of the firm with exercise priequto the favalue of the zero-coupon bon ST = Max(VT - F,0) = Max(40 - 50, 0) = 0 (i.e., equity hno value). The value of is = F - Max(F - VT ) > 0 or alternatively, = VT- ST. Therefore, the value of is 40 - 0 = 40 = $40 million. 问题如下 1.期初的时候，全部投了债券，所以期初bt是50， 然后equity 是0对吗？ 2.后续的变动，就是高于50的部分变成equity，然后低于50，则剩余的就全部是bt对吗？
NO.PZ2016082405000017 A non-vinpaying firm financewith 100% equity issues a zero-coupon bonwith a principamount of $50 million e in three years. Whare the values of the fferent components of the firm’s capitstructure the maturity te of the bonif the firm value thtime is $40 million? $50 million in an$10 million in equity. $10 million in an$30 million in equity. $50 million in an$40 million in equity. $40 million in an$0 in equity. The value of equity is the value of a call on the value of the firm with exercise priequto the favalue of the zero-coupon bon ST = Max(VT - F,0) = Max(40 - 50, 0) = 0 (i.e., equity hno value). The value of is = F - Max(F - VT ) > 0 or alternatively, = VT- ST. Therefore, the value of is 40 - 0 = 40 = $40 million. 能否下，如果是C这样的话到期应该是怎么样的一个Firm Value呢？
A non-vinpaying firm financewith 100% equity issues a zero-coupon bonwith a principamount of $50 million e in three years. Whare the values of the fferent components of the firm’s capitstructure the maturity te of the bonif the firm value thtime is $40 million? $50 million in an$10 million in equity. $10 million in an$30 million in equity. $50 million in an$40 million in equity. $40 million in an$0 in equity. The value of equity is the value of a call on the value of the firm with exercise priequto the favalue of the zero-coupon bon ST = Max(VT - F,0) = Max(40 - 50, 0) = 0 (i.e., equity hno value). The value of is = F - Max(F - VT> 0) or alternatively, = VT- ST. Therefore, the value of is 40 - 0 = 40 = $40 million. The value of is = F - Max(F - VT> 0) or alternatively，老师后面那里应该是 = F - Max(F - VT，0) ，为啥那里写了个＞0
A non-vinpaying firm financewith 100% equity issues a zero-coupon bonwith a principamount of $50 million e in three years. Whare the values of the fferent components of the firm’s capitstructure the maturity te of the bonif the firm value thtime is $40 million? $50 million in an$10 million in equity. $10 million in an$30 million in equity. $50 million in an$40 million in equity. $40 million in an$0 in equity. The value of equity is the value of a call on the value of the firm with exercise priequto the favalue of the zero-coupon bon ST = Max(VT - F,0) = Max(40 - 50, 0) = 0 (i.e., equity hno value). The value of is = F - Max(F - VT> 0) or alternatively, = VT- ST. Therefore, the value of is 40 - 0 = 40 = $40 million. (i.e., equity hno value). The value of is = F - Max(F - VT> 0) or alternatively, 怎么理解啊
