Kun2020-01-11 21:28:54

老师信用风险122页这一段Another difficulty with the Merton model is that default is too ​predictable. Remember that to obtain prices of debt in that ​model, we make the Black Scholes assumptions. We know that ​with these assumptions firm value cannot jump. As a result, ​default cannot occur unless firm value is infinitesimally close to ​the point where default occurs. In the real world, default is often ​more surprising. For instance, a run on a bank could make its ​equity worthless even though before the run its equity value was ​not close to zero.没太看懂能讲一下吗？谢谢