NO.PZ2020033002000041
问题如下：
The Merton model has many assumptions, and some of these assumptions are inconsistent with reality. Which of the following is not a limitation of the Morton model assumption?
选项：
A.Merton model assumes the firm has a simple capital structure (one zero-coupon bond) .
B.
Since the company's value is not traded, it is impossible to estimate the volatility of the asset value.
C.The firm value is not allowed to jump from one value to another in the Merton model.
D.
The model assumes no dividends are paid out, and no cash flows before the debt matures.
解释：
B is correct.
考点：Merton Model-4 Key Points
解析：莫顿模型确实假设了asset的价值可以获得（与事实不符），不过资产的波动率却可以通过股价波动率和杠杆率等数据估算出来。
资产波动率如何通过杠杆率估算呢
