1. Is the expected default premium positive?
2. Does the historical evidence show that lower-grade borrowers default more often or that they pay less upon default?
3. What changes have to be made to the NPV formula to handle an uncertain future
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1. Is the expected default premium positive?
2. Does the historical evidence show that lower-grade borrowers default more often or that they pay less upon default?
3. What changes have to be made to the NPV formula to handle an uncertain future