Credit Risk Models
Credit risk models estimate the probability that a borrower defaults and the resulting distribution of credit losses. The structural approach was introduced by Robert C. Merton in 1974, treating a firm's equity as a call option on its assets, and was later extended into the KMV distance-to-default framework and the CreditMetrics rating-transition portfolio model published by J.P. Morgan in 1997.
Rekodi ya chanzo
Nukuu zimehamishwa kwa uhalisi kutoka kwa rekodi ya chanzo cha mbinu. Hakuna uthibitisho wa kiwango cha dai unaodokezwa kutoka kwao.
- Merton, R. C. (1974). On the Pricing of Corporate Debt: The Risk Structure of Interest Rates. The Journal of Finance, 29(2), 449-470. · DOI 10.1111/j.1540-6261.1974.tb03058.x
- Gupton, G. M., Finger, C. C., & Bhatia, M. (1997). CreditMetrics Technical Document. J.P. Morgan, New York. · URL
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