értekezés - Budapesti Corvinus Egyetem

5. ábra - A kovenáns-sértés valószínűsége csökkentésének lehetséges eszközei
- Case example from MOL Group -
Source: McKinsey & Co. and MOL Group
6. ábra - Eltérő fedezeti politika az adósság jellegétől függően
Source: Lookman [2005a], pp. 42.
The figure illustrates the variation in the estimated hedge ratio with leverage implied by different models.
The plot labeled pooled graphs the variation with aggregate borrowings and is based on a model that does not
differentiate between bank and non-bank borrowing. The plots labeled bank debt and non-bank debt graph
the variation when the entire borrowings are from bank and non-bank sources, respectively. They are based
on a model that allows different sources of borrowings to have a different effect on the hedging policy.
236