NO.PZ2016082406000090
问题如下:
You are given the following information about a firm. The market value of assets at time 0 is 1,000; at time 1 is 1,200. Short-term debt is 500; long-term debt is 300. The annualized asset volatility is 10%. According to the KMV model, what are the default point and the distance to default at time 1?
选项: 800
and 3.33
650 and 7.50
C.650 and 4.58
D.500 and 5.83
解释:
ANSWER: C
The default point is given by short-term liabilities plus half of long-term liabilities, which is . The distance to default at point 1 is .
ROA可不可以用(1200-1000)/1000 = 0.2 计算出来?
如果可以,那么不就可以用另一个公式计算出DD了吗?
如果不可以,那么原因是什么呢?
谢谢