Gobert, Karine; González, Patrick; Lai, Alexandra; … - Groupe de recherche en économie de l'énergie, de … - 2003
We construct a model of valuation to assess the financial fragility of a set of firms in a closed economy. A firm is identified with a possibly infinite random sequence of benefits. Firms with negative benefits in a given period are said to be in distress and need liquidity to refinance their...