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In the Merton model, where Dm is the value of the firm’s debt maturing at time m, and Vm is the value of the firm at time m, which of the following equations represents the payoffs to debt holders at maturity? A. Vm - max(Dm - Vm, 0). B. Dm - max(Dm - Vm, 0). C. Dm - max(Vm - Dm, 0). D. max(Vm - Dm, 0). |