Critical Analysis of the Binomial-Tree approach to Convertible Bonds in   the framework of Tsiveriotis-Fernandes model
  In the present paper we show that the Binomial-tree approach for pricing, hedging, and risk assessment of Convertible bonds in the framework of the Tsiveriotis-Fernandes model has serious drawbacks. Key words: Convertible bonds, Binomial tree, Tsiveriotis-Fernandes model, Convertible bond pricing, Convertible bond Greeks, Convertible Arbitrage, Delta-hedging of Convertible bonds, Risk Assessment of Convertible bonds. 
K. Milanov and O. Kounchev
q-fin.PR