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Etti G. Baranoff, Thomas W. Sager, Thomas S. Shively, A Semiparametric Stochastic Spline Model as a Managerial Tool for Potential Insolvency, The Journal of Risk and Insurance, Vol. 67, No. 3 (Sep., 2000), pp. 369-396
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Baranoff et al. (2000) studied this question.
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