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The businesses behind Dubai Sports City, the branding of David Beckham, and the presence and popularity of fantasy sports leagues on the internet are unmistakable indicators that the sports and the entertainment industries are quickly becoming one and the same. But, you needn't travel far or be...
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We consider a system where the asset values of firms are correlated with the default thresholds. We first evaluate the probability of default of a single firm under the correlated assets assumptions. This extends Merton’s probability of default of a single firm under the independent asset...
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