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  1. David Harper CFA FRM

    Merton model, a summary of the issues

    Since we get a lot of questions on Merton (some issues are merely notational), I wanted to collect my observations into a single place. I hope you like. (fwiw, I don't endorse it, I blame the prominence of this on Stulz' influence in the FRM :rolleyes: ... the math of the BSM is admittedly...