merton model和KMV model

问题如下：

Which of the following statement about KMV and Merton models is correct ？

选项：

A.

Both KMV and Merton model use the cumulative normal distribution to indicate the likelihood of default.

B.

Only KMV model uses the cumulative normal distribution to indicate the likelihood of default.

C.

Only Merton model uses the cumulative normal distribution to indicate the likelihood of default.

D.

Neither KMV nor Merton model use the cumulative normal distribution to indicate the likelihood of default.

解释：

C is correct.

考点：KMV和Merton model 的对比。

解析：Merton 模型使用了cumulative normal distribution来估算违约概率。KMV模型使用的是一个经验算法。