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最近刚开始看风险投资，好多东西还不懂，特请教一下各位，有劳大家指点了，首先表示感谢。问题如下：
C. Convertible Securities with Uncertainty Suppose now that the parties have to write the initial contract before they know the realization of y. At date 0, both parties only know the cumulative distribution function G(y). Suppose that the parties write an initial contract with F very large so thatVC would never exercise his conversion option.This contract is equivalent to a pure debt contract. If there was no renegotiation,VC would get the ¢xed payment Cand thus choose b50 at date 2, independent of E’s investment.Thus, without renegotiation, E would choose:
â（θ）=arg maxv(a,0, θ)-a
请问这个公式具体是什么意思，还有这个arg是什么？按不明白。
特请教。
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