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You enter into a CDS contract to sell protection today. On the next day, the markets estimate of the recovery rate decreases and its estimate

You enter into a CDS contract to sell protection today. On the next day, the markets estimate of the recovery rate decreases and its estimate of the hazard rate increases. You would expect the value of your contract to:

		Increase
		Decrease
		Stay the same
		Not enough information is given to answer the question

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