Common Failings: How Corporate Defaults are Correlated
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We develop, and apply to data on U.S. corporations from 1979-2004, tests of the standard doubly-stochastic assumption under which firms'default times are correlated only as implied by the correlation of factors determining their default intensities. This assumption is violated in the presence of
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美国国家经济研究局创建时间：
2006-01-01
