Altman, Edward; Resti, Andrea; Sironi, Andrea - In: Economic Notes 33 (2004) 2, pp. 183-208
Evidence from many countries in recent years suggests that collateral values and recovery rates (RRs) on corporate defaults can be volatile and, moreover, that they tend to go down just when the number of defaults goes up in economic downturns. This link between RRs and default rates has...