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艾米丽 · 2020年10月07日

问一道题:NO.PZ2016082406000027

问题如下:

The recovery rate on credit instruments is defined as 1 minus the loss rate. The loss rate can be significantly influenced by the volatility of the value of a firm’s assets before default. All other things being equal, in the event of a default, which type of company would we expect to have the highest recovery rate?

选项:

A.

A trading company active in volatile markets

B.

An Internet merchant of trendy consumer products

C.

An asset-intensive manufacturing company

D.

A highly leveraged hedge fund

解释:

ANSWER: C

The recovery rate is higher when the assets of the firm in default consist of tangible assets that can be resold easily. More volatile assets mean that there is a greater probability of a fall in market value upon liquidation. So, the tangible assets of a manufacturing company (C) is the best answer.

想问一下B的错误之处在于什么?如果trendy products流动性也比较高,LGD会少?

1 个答案
已采纳答案

小刘_品职助教 · 2020年10月07日

同学你好,

B选项这个一方面,做贸易的是轻资产行业;另一方面,卖的这个东西折旧很快,就是trendy products很容易价格下降,所以到时候处置起来能回收起来实际的钱少,因此recovery rate低。

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