请问第四个选项是什么意思？谢谢

NO.PZ2020033003000019 问题如下 The following statements are about Merton mol. Whione is correct? A.Merton mol capplieto value the firm with a variety of bts with fferent coupon rates antime-to-maturity. The Merton mol assumes thfirm value is lognormally stributewith a constant volatility. C.The firm value is alloweto jump from one value to another in the Merton mol. For high leverage firms, the Merton mol prects higher fault probabilities anlower recovery rates, whiis consistent with the reality. B is correct.考点Assumptions anawbacks of Merton Mol解析A。Metron mol 假设的是简单的资本结构。The firm honly one whiis a zero- coupon bonwith a favalue of F anmaturity of T.B 正确。C The firm value is not alloweto jump from one value to another in the Merton mol.For high leverage firms, the Merton mol prects low fault probabilities anhigh recovery rates,和现实正好相反。 一下C

NO.PZ2020033003000019 问题如下 The following statements are about Merton mol. Whione is correct? A.Merton mol capplieto value the firm with a variety of bts with fferent coupon rates antime-to-maturity. The Merton mol assumes thfirm value is lognormally stributewith a constant volatility. C.The firm value is alloweto jump from one value to another in the Merton mol. For high leverage firms, the Merton mol prects higher fault probabilities anlower recovery rates, whiis consistent with the reality. B is correct.考点Assumptions anawbacks of Merton Mol解析A。Metron mol 假设的是简单的资本结构。The firm honly one whiis a zero- coupon bonwith a favalue of F anmaturity of T.B 正确。C The firm value is not alloweto jump from one value to another in the Merton mol.For high leverage firms, the Merton mol prects low fault probabilities anhigh recovery rates,和现实正好相反。 老师For high leverage firms, the Merton mol prects low fault probabilities anhigh recovery rates,和现实正好相反。这句的意思是说merton模型是忽略了杠杆的影响，因为只假设公司只有一笔零息债券，所以计算出来的违约概率会偏低，没有考虑杠杆的影响吗

NO.PZ2020033003000019 问题如下 The following statements are about Merton mol. Whione is correct? A.Merton mol capplieto value the firm with a variety of bts with fferent coupon rates antime-to-maturity. The Merton mol assumes thfirm value is lognormally stributewith a constant volatility. C.The firm value is alloweto jump from one value to another in the Merton mol. For high leverage firms, the Merton mol prects higher fault probabilities anlower recovery rates, whiis consistent with the reality. B is correct.考点Assumptions anawbacks of Merton Mol解析A。Metron mol 假设的是简单的资本结构。The firm honly one whiis a zero- coupon bonwith a favalue of F anmaturity of T.B 正确。C The firm value is not alloweto jump from one value to another in the Merton mol.For high leverage firms, the Merton mol prects low fault probabilities anhigh recovery rates,和现实正好相反。 section9 强化班30页，the stribution of equity values is not constant(volatility smirk). the non-constant volatility of equity is a violation of the BSM mol. 所以公司的value是follow lognormwith constant volatility,然后equity的value是 not constant? 我有点搞混了

NO.PZ2020033003000019问题如下 The following statements are about Merton mol. Whione is correct? A.Merton mol capplieto value the firm with a variety of bts with fferent coupon rates antime-to-maturity.The Merton mol assumes thfirm value is lognormally stributewith a constant volatility.C.The firm value is alloweto jump from one value to another in the Merton mol.For high leverage firms, the Merton mol prects higher fault probabilities anlower recovery rates, whiis consistent with the reality. B is correct.考点Assumptions anawbacks of Merton Mol解析A。Metron mol 假设的是简单的资本结构。The firm honly one whiis a zero- coupon bonwith a favalue of F anmaturity of T.B 正确。C The firm value is not alloweto jump from one value to another in the Merton mol.For high leverage firms, the Merton mol prects low fault probabilities anhigh recovery rates,和现实正好相反。 啥merton模型估计出来是低风险高rr？