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The Flip Side of Financial Synergies: Coinsurance Versus Risk Contamination

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Academic year: 2019

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Figure

Figure 1: Joint distribution of returns. Each project i = 1; 2 yields an independent random
Figure 2: Decomposition of reduction in expected default costs and limited liability
Figure 3: Coinsurance versus risk contamination for the truncation of the normal dis-
Figure 4: Coinsurance, risk contamination, and limited liability for the normal distri-net of the risk-contamination lossestotal pro…t di¤erence between joint and separate …nancingcontamination lossesreduction in expected default costsation, respectively
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