Everybody knows the rules. Shareholders are swashbucklers who take the risk of being wiped out in the hope that their stock will shoot for the moon. Cautious bondholders, by contrast, receive fixed payments – and their money back. But less risk means smaller rewards. So where to place bondholders who are taking an all-or-nothing bet?
規(guī)則人人都懂。股東是冒險者，他們承擔(dān)血本無歸的風(fēng)險，寄望于股價能大漲。謹慎的債券持有人則相反，他們能得到固定收益——以及本金的如數(shù)償還。但風(fēng)險較低意味著回報較小。那么，那些押注要么大回報、要么輸光本金的債券持有人，該放在哪一類呢？
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