来自：FRM > 二级 > Market Risk Measurement and Management 2020-10-07 08:46
这个题的答案为什么和讲义讲的不一样？哪一个是对的？
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139****3413
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32
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1412天前
jason 2020-10-07 09:13
致精进的你:
同学，是哪里不一样呢，When firms with subordinate debt are experiencing financial distress (low firm values), changes in the value of subordinate will react to changes in the model parameters in the same way as equity. Since equity is valued as a call option in the Merton model, a decline in volatility will reduce the value of equity (and subordinate debt).
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