{"product_id":"structural-credit-risk-models-von-mads-gjedsted-nielsen","title":"Structural Credit Risk Models","description":"\u003cp\u003eThree different credit risk models are presented, implemented, and calibrated to real data. Each of which presents a different way to model  the dynamics of a firm. To better examine their differences, the models  are benchmarked against the much celebrated Merton''s model. Generally it is shown that structural credit risk models have empirical  validity. However, all is not perfect. Since structural credit risk models  may have two objectives. One being to accurately predict credit  spreads, and another to determine the optimal capital structure. It is  argued that if the goal is the former, then future structural models  need to incorporate a more ¿exible framework that can price the many  di¿erent types of bonds that make up a company''s debt  simultaneously. However, if the objective is the latter, then the future  models need to better account for the high costs linked with capital  restructures in times of ¿nancial distress.\u003c\/p\u003e\u003cdiv class=\"aw-variant-hidden-subtitle-div\" id=\"aw-variant-subtitle-9783844306118\"\u003e\u003ch3\u003eAn Empirical Study\u003c\/h3\u003e\u003c\/div\u003e","brand":"Autorenwelt Shop","offers":[{"title":"Softcover - 9783844306118","offer_id":39470107721821,"sku":"9783844306118","price":49.0,"currency_code":"EUR","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0940\/0622\/files\/eb810896-ed88-455f-a070-c990593b3a3d.jpg?v=1775363543","url":"https:\/\/shop.autorenwelt.de\/products\/structural-credit-risk-models-von-mads-gjedsted-nielsen","provider":"Autorenwelt Shop","version":"1.0","type":"link"}