Robert C. Merton, On the Pricing of Corporate Debt: The Risk Structure of Interest Rates, The Journal of Finance, Vol. 29, No. 2, Papers and Proceedings of the Thirty-Second Annual Meeting of the American Finance Association, New York, New York, December 28-30, 1973 (May, 1974), pp. 449-470
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Robert C. Merton (1974) studied this question.
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