Investor Presentaiton

Example: s(x) is debt P s(x) IL " P D WMP (x)=min√x.D] P f(x) fi(x) AA f(x) fs(x) X P D X XH π₁ = [max[p—s(x),0] · f(x)dx L XL measures expected loss in low payoff states (tail risk measures)

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