Question
It is an empirical observation that the average recovery rate during a given year is inversely related to default probability during that year. Years with
It is an empirical observation that the average recovery rate during a given year is inversely related to default probability during that year. Years with high default probabilities have low recovery rates and vice versa. Please provide some rationale for this observation
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Principles Of Project Finance
Authors: E. R. Yescombe
2nd Edition
0123910587, 9780123910585
