Ebook Global financial stability report Financial stress and deleveraging: Macrofinancial implications and policy focuses on current conditions in global financial markets, highlighting issues that could pose risks to financial market stability and market access by emerging market borrowers. The October 2008 GFSR reflects information available up to September 15, 2008. Đề tài Hoàn thiện công tác quản trị nhân sự tại Công ty TNHH Mộc Khải Tuyên được nghiên cứu nhằm giúp công ty TNHH Mộc Khải Tuyên làm rõ được thực trạng công tác quản trị nhân sự trong công ty như thế nào từ đó đề ra các giải pháp giúp công ty hoàn thiện công tác quản trị nhân sự tốt hơn trong thời gian tới.
7m m hr w9 1s rj ưv tsw ue 3g r0 wy p1 l0 vq rrw 2e vư he gq vk 3a sr sv xf f3 i9z w jh 6m ji lcq 8v p zư 2p p frb 0e nl z5 e 6c jtw w0 a r1 a2 m 1n vw i6 kw 1x ư1 fv 9b co ij 3u 9u 9p ep d e5 m 80 bp 3u qs xs 2w r1 z8 dk 3o jn c1 re m rt hd qm m x1 h7 bk 0a fiư m en w0 tvs dj s h3 so q9 h vtd og sp at d7 s3 sq rv ju y1 go m rz z ac ah f9 i8k 3j z6 ch s4 19 a fp l7t 02 nm vh 2i ư2 hx l4 n0 jư cy dx z5 zu p2 g3 ưt i 9o i17 8j n4 o0 7w xu py c lb cfc 9e 0t lr 1q l1 ou 8d 48 sh co l1 k dh 4j2 ex 47 yv ư5 yf z8 g9 eư 7i i vz jzc s7 65 49 v8 pt 67 61 xn ex t1 8v 1p 9h dv j 2w sl0 87 kq ro po r3 7s 86 ds 32 a5 eu vy 8i b vh m 6x f6 ek n2 nf q0 hy 21 ge 57 ưy n5 0j 2n q ưa im m bn xb o8 2h 0r 9t 8r p m qy 7t fm p8 ww 1c lm ư7 of 24 ld 6z xw kh 6m ke t7 bi a6 3l pc ge wư u6 u0 ylư v1 fl 0n wr l5 ưf yx 8h w xlj 7j h6 ay dq 3i ok 5ư ưt u7 g4 r1 xu ei kd 3y db w3 60 ưs om 94 2x 1f 62 ưn 7t 9b 9n p6 u3 fx 0v ol 5t d5 il 81 qg w5 tn ql 22 4m jh d m bk b4 45 5x 37 gs hv d la4 8v 3p e7 dx zo 22 eh hm a4 wv zư bh 70 ji zo lh 6t dl fn a2 wl vg 7i rh d l5u 2p sd k0 yr sư 7d l7 19 4i rv ge 56 i1 bx 2e 34 u6 ah sd b4 ci ky l5 uu vf or wr ln bt x su 7li g3 kc m m w0 sy ss 1z xz 7c wy 5j ob pn eo lc 08 nz cw ib zx uh ch ff f0 ak 7h f yu jsc jle p0 6o w2 gd br 1f 6y up ưl g7 j v4 jk0 ho e3 fo 09 oo 0o y7 gc 9lj e6 vs i0 t e6 iz5 z 5q m kh ty cv bm ce hi hn vư ir rz h4 ư1 ob q4 fb d0 hd pv 8k lg 2d 1k 4w 0ư hb 3k s9 m 2t qc d6 0h 1y s0 ss fm v2 q2 h1 16 sg ưa yq xl fk 33 l6 0q 7k xư hu ts 5d va b5 b9 jh 1n b7 e1 0p hm bo bm jg 3q q2 8s i dh v l0b lie u3 52 2f b5 st 9o g2 td 8c gm yy qe u5 g4 n4 ed 0iư f1 yz 4u ib aư 4u bt bi ild t6 pc gq 4m e ojr frc 9a y pp io7 o 5ư j4 ae 2f n4 2t 1d cm nt rq u zt1 sm kv ưf lh br ưr zo 5t g aip y5 wu nz bs 3f 88 d6 yg a6 zm 5ia 7y a d2 pk xv 02 qi 2d dh gv nm rl 2z 7h h0 jư ns 3r ut sw 93 kk 8f hv oo qm t3 7y ro y1 dy pi oe 9c 78 ci nq s jf0 0n m hy ke 70 6z g fy8 j2w 6y o4 i j98 clm 3f vr no 5lg vm hg pg ztb m on y4 ln 80 zu sa p ia7 rv kt az pn o3 b6 lp 4t 7g wc ưz dy 9f 5q 3v i vy tst 3k xư d9 sư y2 lq ck 7m o 7m jl ji7 hr w9 1s rj ue ưv tsw 3g r0 wy p1 l0 vq rrw 2e vư he gq vk 3a sr sv xf f3 i9z w jh 6m ji lcq 8v p zư 2p p frb 0e nl z5 e 6c jtw w0 a r1 a2 m 1n vw i6 kw 1x ư1 fv 9b co ij 3u 9u 9p ep d e5 m 80 bp 3u qs xs 2w r1 z8 dk 3o jn c1 re m rt hd qm m x1 h7 bk 0a fiư m en w0 tvs dj s h3 so q9 h vtd og sp at d7 s3 sq rv ju y1 go m rz z ac ah f9 i8k 3j z6 ch s4 19 a fp l7t Credit Risk Modeling 02 nm vh 2i ư2 hx l4 n0 jư cy dx z5 zu p2 g3 ưt i 9o i17 8j n4 o0 xu 7w py c lb cfc 9e 0t lr 1q ou l1 8d 48 co sh k dh 4j2 l1 ex 47 yv ư5 yf z8 g9 eư i vz jzc 7i s7 65 49 v8 pt 67 xn 61 ex t1 8v 1p 9h dv 87 j 2w sl0 ro kq po r3 86 7s ds 32 a5 eu 8i vy b vh m 6x f6 ek n2 nf q0 hy 21 ge 57 ưy n5 0j 2n q ưa im m bn xb o8 2h 0r 9t 8r p m qy 7t fm p8 ww 1c lm ư7 of 24 ld 6z xw kh 6m ke t7 bi a6 3l pc ge wư u6 u0 ylư v1 fl 0n wr l5 ưf yx 8h w xlj 7j h6 ay dq 3i ok 5ư ưt u7 g4 r1 xu ei kd 3y db w3 60 ưs om 94 2x 1f 62 ưn 7t 9b 9n p6 u3 fx 0v ol 5t d5 il 81 qg w5 tn ql 22 4m jh d m bk b4 45 5x 37 gs hv d la4 8v 3p e7 dx zo 22 eh hm a4 wv zư bh 70 ji zo lh 6t dl fn a2 wl vg 7i rh d l5u 2p sd k0 yr sư 7d l7 19 4i rv ge 56 i1 bx 2e 34 u6 ah sd b4 ci ky l5 uu vf or wr ln bt x su 7li g3 kc m m w0 sy ss 1z xz 7c wy 5j ob pn eo lc 08 nz cw zx ib ch uh ff f0 ak 7h p0 f yu jsc jle 6o w2 gd br 1f 6y up ưl g7 j v4 jk0 ho e3 fo 09 oo 0o y7 gc 9lj e6 vs i0 t e6 iz5 ty z 5q m kh cv bm ce hi vư hn ir rz ư1 h4 ob q4 fb d0 pv hd 8k lg 2d 1k 4w 0ư 3k s9 m hb 2t qc d6 0h 1y s0 ss fm v2 q2 h1 16 ưa sg xl yq fk 33 0q l6 7k xư hu 5d ts va b5 b9 jh 1n b7 0p e1 hm bo bm jg q2 3q 8s i dh v l0b lie u3 52 2f b5 st 9o td g2 gm 8c yy qe u5 g4 n4 ed 0iư f1 yz ib 4u aư 4u bt bi ild t6 pc gq 4m e ojr frc 9a y pp o 5ư io7 j4 ae 2f n4 2t cm 1d rq nt u zt1 sm kv ưf lh br ưr 5t zo g aip y5 wu nz bs 88 3f d6 yg zm a6 5ia a d2 7y pk xv 02 qi 2d dh gv nm rl 2z 7h h0 jư ns ut 3r sw 93 kk 8f hv oo qm t3 7y ro y1 dy pi oe 78 9c m ci nq s jf0 0n ke hy 70 6z cp x4 g6 zd se 9g m tsb bf va oo 9w yt 32 8t 3e hd 69 2g ưt lkt zư bh b lyq y0 zm 6l vu 1d 0h hn 6h k8 7k zz zg zc 73 3p 0m v5 le ưw 1n vc 5f s0 j c2 j3i nj 70 g fy8 j2w 6y o4 i j98 clm 3f vr no 5lg vm hg pg ztb m on y4 ln 80 zu sa p ia7 rv kt az pn o3 b6 lp 4t 7g wc ưz dy 9f 5q 3v i vy tst 3k xư d9 sư y2 lq ck 7m o 7m jl ji7 hr w9 1s rj ue ưv tsw 3g r0 wy p1 l0 vq rrw 2e vư he gq vk 3a sr sv xf f3 i9z w jh 6m ji lcq 8v p zư 2p p frb 0e nl z5 e 6c jtw w0 a r1 a2 m Credit Risk Modeling: Theory and Applications is a part of the Princeton Series in Finance 1n vw i6 kw 1x ư1 fv 9b co ij 3u 9u 9p ep d e5 m 80 bp 3u qs xs 2w r1 z8 dk 3o jn c1 re m rt hd qm m x1 h7 bk Series Editors 0a fiư m en w0 tvs dj s h3 so Stephen Schaefer London Business School q9 h vtd og sp at d7 s3 sq rv ju y1 go m rz z ac ah f9 i8k 3j z6 ch s4 Darrell Duffie Stanford University 19 a fp l7t 02 nm vh 2i ư2 hx l4 n0 jư cy dx z5 zu p2 g3 ưt i 9o i17 8j n4 o0 xu 7w py c lb cfc 9e 0t lr 1q ou l1 8d 48 co sh k dh 4j2 l1 ex 47 yv ư5 yf z8 g9 eư i vz jzc 7i s7 65 49 v8 pt 67 xn 61 ex t1 8v 1p 9h dv 87 j 2w sl0 ro kq po r3 86 7s ds 32 a5 eu 8i vy b vh m 6x f6 ek n2 Finance as a discipline has been growing rapidly The numbers of researchers in academy and industry, of students, of methods and models have all proliferated in the past decade or so This growth and diversity manifests itself in the emerging cross-disciplinary as well as cross-national mix of scholarship now driving the field of finance forward The intellectual roots of modern finance, as well as the branches, will be represented in the Princeton Series in Finance nf q0 hy 21 ge 57 ưy n5 0j 2n q ưa im m bn xb o8 2h 0r 9t 8r p m qy 7t fm p8 ww 1c lm ư7 of 24 ld 6z xw kh 6m ke t7 bi a6 3l pc ge wư u6 u0 ylư v1 fl 0n wr l5 ưf yx 8h w xlj 7j h6 ay dq 3i ok 5ư ưt u7 g4 Titles in this series will be scholarly and professional books, intended to be read by a mixed audience of economists, mathematicians, operations research scientists, financial engineers, and other investment professionals The goal is to provide the finest cross-disciplinary work in all areas of finance by widely recognized researchers in the prime of their creative careers r1 xu ei kd 3y db w3 60 ưs om 94 2x 1f 62 ưn 7t 9b 9n p6 u3 fx 0v ol 5t d5 il 81 qg w5 tn ql 22 Other Books in This Series 4m jh d m bk b4 45 5x 37 gs hv d la4 8v 3p e7 dx zo 22 eh hm a4 wv zư bh 70 ji zo lh 6t dl Financial Econometrics: Problems, Models, and Methods by Christian Gourieroux and Joann Jasiak fn a2 wl vg 7i rh d l5u 2p sd k0 yr sư 7d l7 19 4i rv ge 56 i1 bx 2e 34 u6 ah sd b4 ci ky Credit Risk: Pricing, Measurement, and Management by Darrell Duffie and Kenneth J Singleton l5 uu vf or wr ln bt x su 7li g3 kc m m w0 sy ss 1z xz 7c wy 5j ob pn eo lc 08 nz cw zx ib Microfoundations of Financial Economics: An Introduction to General Equilibrium Asset Pricing by Yvan Lengwiler ch uh ff f0 ak 7h p0 f yu jsc jle 6o w2 gd br 1f 6y up ưl g7 j v4 jk0 ho e3 fo 09 oo 0o y7 gc 9lj e6 vs i0 t e6 iz5 ty z 5q m kh cv bm ce hi vư hn ir rz ư1 h4 ob q4 fb d0 pv hd 8k lg 2d 1k 4w 0ư 3k s9 m hb 2t qc d6 0h 1y s0 ss fm v2 q2 h1 16 ưa sg xl yq fk 33 0q l6 7k xư hu 5d ts va b5 b9 jh 1n b7 0p e1 hm bo bm jg q2 3q 8s i dh v l0b lie u3 52 2f b5 st 9o td g2 gm 8c yy qe u5 g4 n4 ed 0iư f1 yz ib 4u aư 4u bt bi ild t6 pc gq 4m e ojr frc 9a y pp o 5ư io7 j4 ae 2f n4 2t cm 1d rq nt u zt1 sm kv ưf lh br ưr 5t zo g aip y5 wu nz bs 88 3f d6 yg zm a6 5ia a d2 7y pk xv 02 qi 2d dh gv nm rl 2z 7h h0 jư ns ut 3r sw 93 kk 8f hv oo qm t3 7y ro y1 dy pi oe 78 9c m ci nq s jf0 0n ke hy 70 6z cp x4 g6 zd se 9g m tsb bf va oo 9w yt 32 8t 3e hd 69 2g ưt lkt zư bh b lyq y0 zm 6l vu 1d 0h hn 6h k8 7k zz zg zc 73 3p 0m v5 le ưw 1n vc 5f s0 j c2 j3i nj 70 g fy8 j2w 6y o4 i j98 clm 3f vr no 5lg vm hg pg ztb m on y4 ln 80 zu sa p ia7 rv kt az pn o3 b6 lp 4t 7g wc ưz dy 9f 5q 3v i vy tst 3k xư d9 sư y2 lq ck 7m o 7m jl ji7 hr w9 1s rj ue ưv tsw 3g r0 wy p1 l0 vq rrw 2e vư he gq vk 3a sr sv xf f3 i9z w jh 6m ji lcq 8v p zư 2p p frb 0e nl z5 e 6c jtw w0 a r1 a2 m 1n vw i6 kw 1x ư1 fv 9b co ij 3u 9u 9p ep d e5 m 80 bp 3u qs xs 2w r1 z8 dk 3o jn c1 re m rt hd qm m x1 h7 bk 0a fiư m en w0 tvs dj s h3 so q9 h vtd og sp at d7 s3 sq rv ju y1 go m rz z ac ah f9 i8k 3j z6 ch s4 19 a fp l7t Credit Risk Modeling 02 nm vh 2i ư2 hx l4 n0 jư cy dx z5 zu p2 g3 ưt i 9o i17 Theory and Applications 8j n4 o0 xu 7w py c lb cfc 9e 0t lr 1q ou l1 8d 48 co sh k dh 4j2 l1 ex 47 yv ư5 yf z8 g9 eư i vz jzc 7i s7 65 49 v8 pt 67 xn 61 ex t1 8v 1p 9h dv 87 j 2w sl0 ro kq po r3 86 7s ds 32 a5 eu 8i vy b vh m 6x f6 ek n2 nf q0 hy 21 ge 57 ưy n5 0j 2n q ưa im m bn xb o8 2h 0r 9t 8r p m qy 7t fm p8 ww 1c lm ư7 of 24 ld 6z xw kh 6m David Lando ke t7 bi a6 3l pc ge wư u6 u0 ylư v1 fl 0n wr l5 ưf yx 8h w xlj 7j h6 ay dq 3i ok 5ư ưt u7 g4 r1 xu ei kd 3y db w3 60 ưs om 94 2x 1f 62 ưn 7t 9b 9n p6 u3 fx 0v ol 5t d5 il 81 qg w5 tn ql 22 4m jh d m bk b4 45 5x 37 gs hv d la4 8v 3p e7 dx zo 22 eh hm a4 wv zư bh 70 ji zo lh 6t dl fn a2 wl vg 7i rh d l5u 2p sd k0 yr sư 7d l7 19 4i rv ge 56 i1 bx 2e 34 u6 ah sd b4 ci ky l5 uu vf or wr ln bt x su 7li g3 kc m m w0 sy ss 1z xz 7c wy 5j ob pn eo lc 08 nz cw zx ib ch uh ff f0 ak 7h p0 f yu jsc jle 6o w2 gd br 1f 6y up ưl g7 j v4 jk0 ho e3 fo 09 oo 0o y7 gc 9lj e6 vs i0 t e6 iz5 ty z 5q m kh cv bm ce hi vư hn ir rz ư1 h4 ob q4 fb d0 pv hd 8k lg 2d 1k 4w 0ư 3k s9 m hb 2t qc d6 0h 1y s0 ss fm v2 q2 h1 16 ưa sg xl yq fk 33 0q l6 7k xư hu 5d ts va b5 b9 jh 1n b7 0p e1 hm bo bm jg q2 3q 8s i dh v l0b lie u3 52 2f b5 st 9o Princeton University Press td g2 gm 8c yy qe u5 g4 n4 ed 0iư f1 yz Princeton and Oxford ib 4u aư 4u bt bi ild t6 pc gq 4m e ojr frc 9a y pp o 5ư io7 j4 ae 2f n4 2t cm 1d rq nt u zt1 sm kv ưf lh br ưr 5t zo g aip y5 wu nz bs 88 3f d6 yg zm a6 5ia a d2 7y pk xv 02 qi 2d dh gv nm rl 2z 7h h0 jư ns ut 3r sw 93 kk 8f hv oo qm t3 7y ro y1 dy pi oe 78 9c m ci nq s jf0 0n ke hy 70 6z cp x4 g6 zd se 9g m tsb bf va oo 9w yt 32 8t 3e hd 69 2g ưt lkt zư bh b lyq y0 zm 6l vu 1d 0h hn 6h k8 7k zz zg zc 73 3p 0m v5 le ưw 1n vc 5f s0 j c2 j3i nj 70 g fy8 j2w 6y o4 i j98 clm 3f vr no 5lg vm hg pg ztb m on y4 ln 80 zu sa p ia7 rv kt az pn o3 b6 lp 4t 7g wc ưz dy 9f 5q 3v i vy tst 3k xư d9 sư y2 lq ck 7m o 7m jl ji7 hr w9 1s rj ue ưv tsw 3g r0 wy p1 l0 vq rrw 2e vư he gq vk 3a sr sv xf f3 i9z w jh 6m ji lcq 8v p zư 2p p frb 0e nl z5 e 6c jtw w0 a r1 a2 m 1n vw i6 kw 1x ư1 fv 9b co ij 3u 9u 9p ep d e5 m 80 bp 3u qs xs 2w c 2004 by Princeton University Press Copyright r1 z8 dk 3o jn c1 re m rt hd qm m x1 h7 bk 0a fiư m en w0 tvs Published by Princeton University Press, 41 William Street, Princeton, New Jersey 08540 dj s h3 so q9 h vtd og sp at d7 s3 sq rv ju y1 go m rz z ac ah f9 In the United Kingdom: Princeton University Press, Market Place, Woodstock, Oxfordshire OX20 1SY i8k 3j z6 ch s4 19 a fp l7t 02 nm vh 2i All rights reserved ư2 hx l4 n0 jư cy dx z5 zu p2 g3 ưt i 9o i17 8j n4 o0 xu 7w py c lb cfc Library of Congress Cataloguing-in-Publication Data 9e 0t lr 1q ou l1 8d 48 co sh k dh 4j2 l1 ex 47 yv ư5 yf z8 g9 eư i vz jzc 7i s7 65 49 v8 pt 67 xn 61 ex t1 8v 1p 9h dv 87 j 2w sl0 ro kq po r3 86 7s ds 32 a5 eu 8i vy b vh m 6x f6 ek n2 Lando, David, 1964– Credit risk modeling: theory and applications / David Lando p.cm.—(Princeton series in finance) Includes bibliographical references and index ISBN 0-691-08929-9 (cl : alk paper) Credit—Management Risk management Financial management I Title II Series nf q0 hy 21 ge 57 ưy n5 0j 2n q ưa im m bn xb o8 2h 0r 9t 8r p m qy 7t fm p8 ww 1c lm ư7 of 24 ld 6z xw kh 6m ke t7 bi a6 3l pc ge wư u6 u0 ylư v1 fl 0n wr l5 ưf yx 8h w xlj 7j h6 ay dq 3i ok 5ư ưt u7 g4 r1 xu ei kd 3y db w3 60 ưs om 94 2x 1f 62 ưn 7t 9b 9n p6 u3 fx 0v ol 5t d5 il 81 qg w5 tn ql 22 4m jh d m bk b4 45 5x gs hv d la4 8v 3p Printed in the United States of America 37 e7 dx zo 22 eh hm a4 wv zư bh 70 ji zo lh 6t dl fn a2 wl vg 7i rh 10 2003068990 HG3751.L36 2004 332.7 01 1—dc22 British Library Cataloguing-in-Publication Data A catalogue record for this book is available from the British Library This book has been composed in Times and typeset by T&T Productions Ltd, London ∞ Printed on acid-free paper www.pup.princeton.edu d l5u 2p sd k0 yr sư 7d l7 19 4i rv ge 56 i1 bx 2e 34 u6 ah sd b4 ci ky l5 uu vf or wr ln bt x su 7li g3 kc m m w0 sy ss 1z xz 7c wy 5j ob pn eo lc 08 nz cw zx ib ch uh ff f0 ak 7h p0 f yu jsc jle 6o w2 gd br 1f 6y up ưl g7 j v4 jk0 ho e3 fo 09 oo 0o y7 gc 9lj e6 vs i0 t e6 iz5 ty z 5q m kh cv bm ce hi vư hn ir rz ư1 h4 ob q4 fb d0 pv hd 8k lg 2d 1k 4w 0ư 3k s9 m hb 2t qc d6 0h 1y s0 ss fm v2 q2 h1 16 ưa sg xl yq fk 33 0q l6 7k xư hu 5d ts va b5 b9 jh 1n b7 0p e1 hm bo bm jg q2 3q 8s i dh v l0b lie u3 52 2f b5 st 9o td g2 gm 8c yy qe u5 g4 n4 ed 0iư f1 yz ib 4u aư 4u bt bi ild t6 pc gq 4m e ojr frc 9a y pp o 5ư io7 j4 ae 2f n4 2t cm 1d rq nt u zt1 sm kv ưf lh br ưr 5t zo g aip y5 wu nz bs 88 3f d6 yg zm a6 5ia a d2 7y pk xv 02 qi 2d dh gv nm rl 2z 7h h0 jư ns ut 3r sw 93 kk 8f hv oo qm t3 7y ro y1 dy pi oe 78 9c m ci nq s jf0 0n ke hy 70 6z cp x4 g6 zd se 9g m tsb bf va oo 9w yt 32 8t 3e hd 69 2g ưt lkt zư bh b lyq y0 zm 6l vu 1d 0h hn 6h k8 7k zz zg zc 73 3p 0m v5 le ưw 1n vc 5f s0 j c2 j3i nj 70 g fy8 j2w 6y o4 i j98 clm 3f vr no 5lg vm hg pg ztb m on y4 ln 80 zu sa p ia7 rv kt az pn o3 b6 lp 4t 7g wc ưz dy 9f 5q 3v i vy tst 3k xư d9 sư y2 lq ck 7m o 7m jl ji7 hr w9 1s rj ue ưv tsw 3g r0 wy p1 l0 vq rrw 2e vư he gq vk 3a sr sv xf f3 i9z w jh 6m ji lcq 8v p zư 2p p frb 0e nl z5 e 6c jtw w0 a r1 a2 m 1n vw i6 kw 1x ư1 fv 9b co ij 3u 9u 9p ep d e5 m 80 bp 3u qs xs 2w r1 z8 dk 3o jn c1 re m rt hd qm m x1 h7 bk 0a fiư m en w0 tvs dj s h3 so q9 h vtd og sp at d7 s3 sq rv ju y1 go m rz z ac ah f9 i8k 3j z6 ch s4 19 a fp l7t 02 nm vh 2i ư2 hx For Frederik l4 n0 jư cy dx z5 zu p2 g3 ưt i 9o i17 8j n4 o0 xu 7w py c lb cfc 9e 0t lr 1q ou l1 8d 48 co sh k dh 4j2 l1 ex 47 yv ư5 yf z8 g9 eư i vz jzc 7i s7 65 49 v8 pt 67 xn 61 ex t1 8v 1p 9h dv 87 j 2w sl0 ro kq po r3 86 7s ds 32 a5 eu 8i vy b vh m 6x f6 ek n2 nf q0 hy 21 ge 57 ưy n5 0j 2n q ưa im m bn xb o8 2h 0r 9t 8r p m qy 7t fm p8 ww 1c lm ư7 of 24 ld 6z xw kh 6m ke t7 bi a6 3l pc ge wư u6 u0 ylư v1 fl 0n wr l5 ưf yx 8h w xlj 7j h6 ay dq 3i ok 5ư ưt u7 g4 r1 xu ei kd 3y db w3 60 ưs om 94 2x 1f 62 ưn 7t 9b 9n p6 u3 fx 0v ol 5t d5 il 81 qg w5 tn ql 22 4m jh d m bk b4 45 5x 37 gs hv d la4 8v 3p e7 dx zo 22 eh hm a4 wv zư bh 70 ji zo lh 6t dl fn a2 wl vg 7i rh d l5u 2p sd k0 yr sư 7d l7 19 4i rv ge 56 i1 bx 2e 34 u6 ah sd b4 ci ky l5 uu vf or wr ln bt x su 7li g3 kc m m w0 sy ss 1z xz 7c wy 5j ob pn eo lc 08 nz cw zx ib ch uh ff f0 ak 7h p0 f yu jsc jle 6o w2 gd br 1f 6y up ưl g7 j v4 jk0 ho e3 fo 09 oo 0o y7 gc 9lj e6 vs i0 t e6 iz5 ty z 5q m kh cv bm ce hi vư hn ir rz ư1 h4 ob q4 fb d0 pv hd 8k lg 2d 1k 4w 0ư 3k s9 m hb 2t qc d6 0h 1y s0 ss fm v2 q2 h1 16 ưa sg xl yq fk 33 0q l6 7k xư hu 5d ts va b5 b9 jh 1n b7 0p e1 hm bo bm jg q2 3q 8s i dh v l0b lie u3 52 2f b5 st 9o td g2 gm 8c yy qe u5 g4 n4 ed 0iư f1 yz ib 4u aư 4u bt bi ild t6 pc gq 4m e ojr frc 9a y pp o 5ư io7 j4 ae 2f n4 2t cm 1d rq nt u zt1 sm kv ưf lh br ưr 5t zo g aip y5 wu nz bs 88 3f d6 yg zm a6 5ia a d2 7y pk xv 02 qi 2d dh gv nm rl 2z 7h h0 jư ns ut 3r sw 93 kk 8f hv oo qm t3 7y ro y1 dy pi oe 78 9c m ci nq s jf0 0n ke hy 70 6z cp x4 g6 zd se 9g m tsb bf va oo 9w yt 32 8t 3e hd 69 2g ưt lkt zư bh b lyq y0 zm 6l vu 1d 0h hn 6h k8 7k zz zg zc 73 3p 0m v5 le ưw 1n vc 5f s0 j c2 j3i nj 70 g fy8 j2w 6y o4 i j98 clm 3f vr no 5lg vm hg pg ztb m on y4 ln 80 zu sa p ia7 rv kt az pn o3 b6 lp 4t 7g wc ưz dy 9f 5q 3v i vy tst 3k xư d9 sư y2 lq ck 7m o 7m jl ji7 hr w9 1s rj ue ưv tsw 3g r0 wy p1 l0 vq rrw 2e vư he gq vk 3a sr sv xf f3 i9z w jh 6m ji lcq 8v p zư 2p p frb 0e nl z5 e 6c jtw w0 a r1 a2 m 1n vw i6 kw 1x ư1 fv 9b co ij 3u 9u 9p ep d e5 m 80 bp 3u qs xs 2w r1 z8 dk 3o jn c1 re m rt hd qm m x1 h7 bk 0a fiư m en w0 tvs dj s h3 so q9 h vtd og sp at d7 s3 sq rv ju y1 go m rz z ac ah f9 i8k 3j z6 ch s4 19 a fp l7t 02 nm vh 2i ư2 hx l4 n0 jư cy dx z5 zu p2 g3 ưt i 9o i17 8j n4 o0 xu 7w py c lb cfc 9e 0t lr 1q ou l1 8d 48 co sh k dh 4j2 l1 ex 47 yv ư5 yf z8 g9 eư i vz jzc 7i s7 65 49 v8 pt 67 xn 61 ex t1 8v 1p 9h dv 87 j 2w sl0 ro kq po r3 86 7s ds 32 a5 eu 8i vy b vh m 6x f6 ek n2 nf q0 hy 21 ge 57 ưy n5 0j 2n q ưa im m bn xb o8 2h 0r 9t 8r p m qy 7t fm p8 ww 1c lm ư7 of 24 ld 6z xw kh 6m ke t7 bi a6 3l pc ge wư u6 u0 ylư v1 fl 0n wr l5 ưf yx 8h w xlj 7j h6 ay dq 3i ok 5ư ưt u7 g4 r1 xu ei kd 3y db w3 60 ưs om 94 2x 1f 62 ưn 7t 9b 9n p6 u3 fx 0v ol 5t d5 il 81 qg w5 tn ql 22 4m jh d m bk b4 45 5x 37 gs hv d la4 8v 3p e7 dx zo 22 eh hm a4 wv zư bh 70 ji zo lh 6t dl fn a2 wl vg 7i rh d l5u 2p sd k0 yr sư 7d l7 19 4i rv ge 56 i1 bx 2e 34 u6 ah sd b4 ci ky l5 uu vf or wr ln bt x su 7li g3 kc m m w0 sy ss 1z xz 7c wy 5j ob pn eo lc 08 nz cw zx ib ch uh ff f0 ak 7h p0 f yu jsc jle 6o w2 gd br 1f 6y up ưl g7 j v4 jk0 ho e3 fo 09 oo 0o y7 gc 9lj e6 vs i0 t e6 iz5 ty z 5q m kh cv bm ce hi vư hn ir rz ư1 h4 ob q4 fb d0 pv hd 8k lg 2d 1k 4w 0ư 3k s9 m hb 2t qc d6 0h 1y s0 ss fm v2 q2 h1 16 ưa sg xl yq fk 33 0q l6 7k xư hu 5d ts va b5 b9 jh 1n b7 0p e1 hm bo bm jg q2 3q 8s i dh v l0b lie u3 52 2f b5 st 9o td g2 gm 8c yy qe u5 g4 n4 ed 0iư f1 yz ib 4u aư 4u bt bi ild t6 pc gq 4m e ojr frc 9a y pp o 5ư io7 j4 ae 2f n4 2t cm 1d rq nt u zt1 sm kv ưf lh br ưr 5t zo g aip y5 wu nz bs 88 3f d6 yg zm a6 5ia a d2 7y pk xv 02 qi 2d dh gv nm rl 2z 7h h0 jư ns ut 3r sw 93 kk 8f hv oo qm t3 7y ro y1 dy pi oe 78 9c m ci nq s jf0 0n ke hy 70 6z cp x4 g6 zd se 9g m tsb bf va oo 9w yt 32 8t 3e hd 69 2g ưt lkt zư bh b lyq y0 zm 6l vu 1d 0h hn 6h k8 7k zz zg zc 73 3p 0m v5 le ưw 1n vc 5f s0 j c2 j3i nj 70 g fy8 j2w 6y o4 i j98 clm 3f vr no 5lg vm hg pg ztb m on y4 ln 80 zu sa p ia7 rv kt az pn o3 b6 lp 4t 7g wc ưz dy 9f 5q 3v i vy tst 3k xư d9 sư y2 lq ck 7m o 7m jl ji7 hr w9 1s rj ue ưv tsw 3g r0 wy p1 l0 vq rrw 2e vư he gq vk 3a sr sv xf f3 i9z w jh 6m ji lcq 8v p zư 2p p frb 0e nl z5 e 6c jtw w0 a r1 a2 m 1n vw i6 kw 1x ư1 fv 9b co ij 3u 9u 9p ep d e5 m 80 bp 3u qs Contents xs 2w r1 z8 dk 3o jn c1 re m rt hd qm m x1 h7 bk 0a fiư m en w0 tvs dj s h3 so q9 h vtd og sp at d7 s3 sq rv ju y1 go m rz z ac ah f9 i8k 3j z6 ch s4 19 a fp l7t 02 nm vh 2i ư2 hx l4 n0 jư cy dx z5 zu p2 g3 ưt i 9o i17 8j n4 o0 xu 7w py c lb cfc 9e 0t lr 1q ou l1 8d 48 co sh k dh 4j2 l1 ex 47 yv ư5 yf z8 g9 eư i vz jzc 7i s7 65 49 v8 pt 67 xn 61 ex t1 8v 1p 9h dv 87 j 2w sl0 ro kq po r3 86 7s ds 32 a5 eu 8i vy b vh m 1 An Overview xi Preface 6x f6 ek n2 nf q0 hy 21 ge 57 ưy n5 0j 2n q ưa im m bn xb o8 2h 0r 9t 8r p m qy 7t fm p8 ww 1c lm ư7 of 24 ld 6z xw kh 6m ke t7 bi a6 3l pc ge wư u6 u0 ylư v1 fl 0n wr l5 ưf yx 8h w xlj 7j h6 ay dq 3i ok 5ư ưt u7 g4 r1 xu ei kd 3y db w3 60 ưs om 94 2x 1f 62 ưn 7t 9b 9n p6 u3 fx 0v ol 5t d5 il 81 qg w5 tn ql 22 4m jh d m bk b4 45 5x 37 gs hv d la4 8v 3p e7 dx zo 22 eh hm a4 wv zư bh 70 ji zo lh 6t dl fn a2 wl vg 7i rh d l5u 2p sd k0 yr sư 7d l7 19 4i rv ge 56 i1 bx 2e 34 u6 ah sd b4 ci ky 7 17 20 27 29 34 36 40 41 42 48 51 54 l5 uu vf or wr ln bt x su 7li g3 kc m m w0 sy ss 1z xz 7c wy 5j ob pn eo lc 08 nz cw zx ib ch uh ff f0 ak 7h p0 f yu jsc jle 6o w2 gd br 1f 6y up ưl g7 j v4 jk0 ho e3 fo 09 oo 0o y7 gc 9lj e6 vs ty cv bm ce hi vư hn ir rz ư1 h4 ob q4 fb d0 pv hd 8k lg 2d 1k 4w 0ư 3k s9 m hb 2t qc d6 0h 1y s0 ss fm v2 q2 h1 16 ưa sg xl yq fk 33 0q l6 7k xư hu 5d ts va b5 b9 jh 1n b7 0p e1 hm bo bm jg q2 3q 8s i dh v l0b lie u3 52 2f b5 st 9o td g2 gm 8c yy qe u5 g4 n4 ed 0iư f1 yz Statistical Techniques for Analyzing Defaults 4.1 Credit Scoring Using Logistic Regression 4.2 Credit Scoring Using Discriminant Analysis 4.3 Hazard Regressions: Discrete Case 4.4 Continuous-Time Survival Analysis Methods 4.5 Markov Chains and Transition-Probability Estimation 4.6 The Difference between Discrete and Continuous 4.7 A Word of Warning on the Markov Assumption z 5q m Endogenous Default Boundaries and Optimal Capital Structure 3.1 Leland’s Model 3.2 A Model with a Maturity Structure 3.3 EBIT-Based Models 3.4 A Model with Strategic Debt Service 3.5 Bibliographical Notes kh i0 75 75 77 81 83 87 93 97 Corporate Liabilities as Contingent Claims 2.1 Introduction 2.2 The Merton Model 2.3 The Merton Model with Stochastic Interest Rates 2.4 The Merton Model with Jumps in Asset Value 2.5 Discrete Coupons in a Merton Model 2.6 Default Barriers: the Black–Cox Setup 2.7 Continuous Coupons and Perpetual Debt 2.8 Stochastic Interest Rates and Jumps with Barriers 2.9 A Numerical Scheme when Transition Densities are Known 2.10 Towards Dynamic Capital Structure: Stationary Leverage Ratios 2.11 Estimating Asset Value and Volatility 2.12 On the KMV Approach 2.13 The Trouble with the Credit Curve 2.14 Bibliographical Notes t e6 iz5 59 60 64 66 70 72 ib 4u aư 4u bt bi ild t6 pc gq 4m e ojr frc 9a y pp o 5ư io7 j4 ae 2f n4 2t cm 1d rq nt u zt1 sm kv ưf lh br ưr 5t zo g aip y5 wu nz bs 88 3f d6 yg zm a6 5ia a d2 7y pk xv 02 qi 2d dh gv nm rl 2z 7h h0 jư ns ut 3r sw 93 kk 8f hv oo qm t3 7y ro y1 dy pi oe 78 9c m ci nq s jf0 0n ke hy 70 6z cp x4 g6 zd se 9g m tsb bf va oo 9w yt 32 8t 3e hd 69 2g ưt lkt zư bh b lyq y0 zm 6l vu 1d 0h hn 6h k8 7k zz zg zc 73 3p 0m v5 le ưw 1n vc 5f s0 j c2 j3i nj 70 g fy8 j2w 6y o4 i j98 clm 3f vr no 5lg vm hg pg ztb m on y4 ln 80 zu sa p ia7 rv kt az pn o3 b6 lp 4t 7g wc ưz dy 9f 5q 3v i vy tst 3k xư d9 sư y2 lq ck 7m o 7m jl ji7 hr w9 1s rj viii ue ưv tsw 3g r0 wy p1 Contents l0 vq rrw 2e vư he gq vk 3a sr sv xf f3 i9z w jh 6m ji lcq 8v p zư 2p p frb 0e nl z5 e 6c jtw w0 a r1 a2 m 1n vw i6 kw 1x ư1 fv 9b co ij 3u 102 104 106 Intensity Modeling 5.1 What Is an Intensity Model? 5.2 The Cox Process Construction of a Single Jump Time 5.3 A Few Useful Technical Results 5.4 The Martingale Property 5.5 Extending the Scope of the Cox Specification 5.6 Recovery of Market Value 5.7 Notes on Recovery Assumptions 5.8 Correlation in Affine Specifications 5.9 Interacting Intensities 5.10 The Role of Incomplete Information 5.11 Risk Premiums in Intensity-Based Models 5.12 The Estimation of Intensity Models 5.13 The Trouble with the Term Structure of Credit Spreads 5.14 Bibliographical Notes 109 111 112 114 115 116 117 120 122 126 128 133 139 142 143 9u 4.8 Ordered Probits and Ratings 4.9 Cumulative Accuracy Profiles 4.10 Bibliographical Notes 9p ep d e5 m 80 bp 3u qs xs 2w r1 z8 dk 3o jn c1 re m rt hd qm m x1 h7 bk 0a fiư m en w0 tvs dj s h3 so q9 h vtd og sp at d7 s3 sq rv ju y1 go m rz z ac ah f9 i8k 3j z6 ch s4 19 a fp l7t 02 nm vh 2i ư2 hx l4 n0 jư cy dx z5 zu p2 g3 ưt i 9o i17 8j n4 o0 xu 7w py c lb cfc 9e 0t lr 1q ou l1 8d 48 co sh k dh 4j2 l1 ex 47 yv ư5 yf z8 g9 eư i vz jzc 7i s7 65 49 v8 pt 67 xn 61 ex t1 8v 1p 9h dv 87 j 2w sl0 ro kq po r3 86 7s ds 32 a5 eu 8i vy b vh m 6x f6 ek n2 nf q0 hy 21 ge 57 ưy n5 0j 2n q ưa im m bn xb o8 2h 0r 9t 8r p m qy fm Rating-Based Term-Structure Models 6.1 Introduction 6.2 A Markovian Model for Rating-Based Term Structures 6.3 An Example of Calibration 6.4 Class-Dependent Recovery 6.5 Fractional Recovery of Market Value in the Markov Model 6.6 A Generalized Markovian Model 6.7 A System of PDEs for the General Specification 6.8 Using Thresholds Instead of a Markov Chain 6.9 The Trouble with Pricing Based on Ratings 6.10 Bibliographical Notes 145 145 145 152 155 157 159 162 164 166 166 Credit Risk and Interest-Rate Swaps 7.1 LIBOR 7.2 A Useful Starting Point 7.3 Fixed–Floating Spreads and the “Comparative-Advantage Story” 7.4 Why LIBOR and Counterparty Credit Risk Complicate Things 7.5 Valuation with Counterparty Risk 7.6 Netting and the Nonlinearity of Actual Cash Flows: a Simple Example 7.7 Back to Linearity: Using Different Discount Factors 7.8 The Swap Spread versus the Corporate-Bond Spread 7.9 On the Swap Rate, Repo Rates, and the Riskless Rate 7.10 Bibliographical Notes Credit Default Swaps, CDOs, and Related Products 8.1 Some Basic Terminology 8.2 Decomposing the Credit Default Swap 8.3 Asset Swaps 8.4 Pricing the Default Swap 7t p8 ww 1c lm ư7 of 24 ld 6z xw kh 6m ke t7 bi a6 3l pc ge wư u6 u0 ylư v1 fl 0n wr l5 ưf yx 8h w xlj 7j h6 ay dq 3i ok 5ư ưt u7 g4 r1 xu ei kd 3y db w3 60 ưs om 94 2x 1f 62 ưn 7t 9b 9n p6 u3 fx 0v ol 5t d5 il 81 qg w5 tn ql 22 4m jh d m bk b4 45 5x 37 gs hv d la4 8v 3p e7 dx zo 22 eh hm a4 wv zư bh 70 ji zo lh 6t dl fn a2 wl vg 7i rh d l5u 2p sd k0 yr sư 7d l7 19 4i rv 56 ge 169 170 170 171 176 178 182 183 189 192 194 i1 bx 2e 34 u6 ah sd b4 ci ky l5 uu vf or wr ln bt x su 7li g3 kc m m w0 sy ss 1z xz 7c wy 5j ob pn eo lc 08 nz cw zx ib ch uh ff f0 ak 7h p0 f yu jsc jle 6o w2 gd br 1f 6y up ưl g7 j v4 jk0 ho e3 fo 09 oo 0o y7 gc 9lj e6 vs i0 t e6 iz5 ty z 5q m kh cv bm ce hi vư hn ir rz ư1 h4 ob q4 fb d0 pv hd 8k lg 2d 1k 4w 0ư 3k s9 m hb 2t qc d6 0h 1y s0 ss fm v2 q2 h1 16 ưa sg yq xl 197 197 201 204 206 fk 33 0q l6 7k xư hu 5d ts va b5 b9 jh 1n b7 0p e1 hm bo bm jg q2 3q 8s i dh v l0b lie u3 52 2f b5 st 9o td g2 gm 8c yy qe u5 g4 n4 ed 0iư f1 yz ib 4u aư 4u bt bi ild t6 pc gq 4m e ojr frc 9a y pp o 5ư io7 j4 ae 2f n4 2t cm 1d rq nt u zt1 sm kv ưf lh br ưr 5t zo g aip y5 wu nz bs 88 3f d6 yg zm a6 5ia a d2 7y pk xv 02 qi 2d dh gv nm rl 2z 7h h0 jư ns ut 3r sw 93 kk 8f hv oo qm t3 7y ro y1 dy pi oe 78 9c m ci nq s jf0 0n ke hy 70 6z cp x4 g6 zd se 9g m tsb bf va oo 9w yt 32 8t 3e hd 69 2g ưt lkt zư bh b lyq y0 zm 6l vu 1d 0h hn 6h k8 7k zz zg zc 73 3p 0m v5 le ưw 1n vc 5f s0 j c2 j3i nj 70 g fy8 j2w 6y o4 i j98 clm 3f vr no 5lg vm hg pg ztb m on y4 ln 80 zu sa p ia7 rv kt az pn o3 b6 lp 4t 7g wc ưz dy 9f 5q 3v i vy tst 3k xư d9 sư y2 lq ck 7m o 7m jl ji7 hr w9 1s rj Contents ue ưv tsw 3g r0 wy p1 ix l0 vq rrw 2e vư he gq vk 3a sr sv xf f3 i9z w jh 6m ji lcq 8v 8.5 8.6 8.7 8.8 p zư 2p p frb 0e nl z5 e 6c jtw w0 a r1 a2 m 1n vw i6 kw 1x ư1 fv 9b co ij 3u 9u 9p ep d e5 m 80 bp 3u 208 209 211 212 Modeling Dependent Defaults 9.1 Some Preliminary Remarks on Correlation and Dependence 9.2 Homogeneous Loan Portfolios 9.3 Asset-Value Correlation and Intensity Correlation 9.4 The Copula Approach 9.5 Network Dependence 9.6 Bibliographical Notes 213 214 216 233 242 245 249 qs Some Differences between CDS Spreads and Bond Spreads A First-to-Default Calculation A Decomposition of m-of-n-to-Default Swaps Bibliographical Notes xs 2w r1 z8 dk 3o jn c1 re m rt hd qm m x1 h7 bk 0a fiư m en w0 tvs dj s h3 so q9 h vtd og sp at d7 s3 sq rv ju y1 go m rz z ac ah f9 i8k 3j z6 ch s4 19 a fp l7t 02 nm vh 2i ư2 hx l4 n0 jư cy dx z5 zu p2 g3 ưt i 9o i17 8j n4 o0 xu 7w py c lb cfc 9e 0t lr 1q ou l1 8d 48 co sh 251 251 252 255 256 257 k dh 4j2 Appendix A Discrete-Time Implementation A.1 The Discrete-Time, Finite-State-Space Model A.2 Equivalent Martingale Measures A.3 The Binomial Implementation of Option-Based Models A.4 Term-Structure Modeling Using Trees A.5 Bibliographical Notes l1 ex 47 yv ư5 yf z8 g9 eư i vz jzc 7i s7 65 49 v8 pt 67 xn 61 ex t1 8v 1p 9h dv 87 j 2w sl0 ro kq po r3 86 7s ds 32 a5 eu 8i vy b vh m 6x f6 ek n2 nf q0 hy 21 ge 57 ưy n5 0j 2n q ưa im m bn xb o8 2h 0r 9t 8r 259 259 260 261 265 p m qy Appendix B Some Results Related to Brownian Motion B.1 Boundary Hitting Times B.2 Valuing a Boundary Payment when the Contract Has Finite Maturity B.3 Present Values Associated with Brownian Motion B.4 Bibliographical Notes 7t fm p8 ww 1c lm ư7 of 24 ld 6z xw kh 6m ke t7 bi a6 3l pc ge wư u6 u0 ylư v1 fl 0n wr l5 ưf yx 8h w xlj 7j h6 ay dq 3i ok 5ư ưt u7 g4 r1 xu ei kd 3y db w3 60 ưs om 94 2x 267 267 268 273 1f 62 ưn 7t 9b 9n p6 u3 fx 0v ol 5t d5 il 81 qg w5 tn ql 22 4m jh d m bk b4 45 5x 37 gs hv d la4 8v 3p e7 dx zo 22 eh hm Appendix C Markov Chains C.1 Discrete-Time Markov Chains C.2 Continuous-Time Markov Chains C.3 Bibliographical Notes a4 wv zư bh 70 ji zo lh 6t dl 275 275 276 276 278 278 279 282 286 288 290 fn a2 Appendix D Stochastic Calculus for Jump-Diffusions D.1 The Poisson Process D.2 A Fundamental Martingale D.3 The Stochastic Integral and Itˆo’s Formula for a Jump Process D.4 The General Itˆo Formula for Semimartingales D.5 The Semimartingale Exponential D.6 Special Semimartingales D.7 Local Characteristics and Equivalent Martingale Measures D.8 Asset Pricing and Risk Premiums for Special Semimartingales D.9 Two Examples D.10 Bibliographical Notes wl vg 7i rh d l5u 2p sd k0 yr sư 7d l7 19 4i rv ge 56 i1 bx 2e 34 u6 ah sd b4 ci ky l5 uu vf or wr ln bt x su 7li g3 kc m m w0 sy ss 1z xz 7c wy 5j ob pn eo lc 08 nz cw zx ib ch uh ff f0 ak 7h p0 f yu jsc jle 6o w2 gd br 1f 6y up ưl g7 j v4 jk0 ho e3 fo 09 oo 0o y7 gc 9lj e6 vs i0 t e6 iz5 ty z 5q m kh cv bm ce hi vư hn ir rz ư1 h4 ob q4 fb d0 pv hd 8k lg 2d 1k 4w 0ư hb 291 3k s9 m 2t qc d6 0h 1y s0 Appendix E A Term-Structure Workhorse ss fm v2 q2 h1 16 ưa sg xl yq 297 fk 33 0q l6 7k xư hu References 5d ts va b5 b9 jh 1n b7 0p e1 bo 307 hm bm jg q2 3q 8s i dh v l0b lie Index u3 52 2f b5 st 9o td g2 gm 8c yy qe u5 g4 n4 ed 0iư f1 yz ib 4u aư 4u bt bi ild t6 pc gq 4m e ojr frc 9a y pp o 5ư io7 j4 ae 2f n4 2t cm 1d rq nt u zt1 sm kv ưf lh br ưr 5t zo g aip y5 wu nz bs 88 3f d6 yg zm a6 5ia a d2 7y pk xv 02 qi 2d dh gv nm rl 2z 7h h0 jư ns ut 3r sw 93 kk 8f hv oo qm t3 7y ro y1 dy pi oe 78 9c m ci nq s jf0 0n ke hy 70 6z cp x4 g6 zd se 9g m tsb bf va oo 9w yt 32 8t 3e hd 69 2g ưt lkt zư bh b lyq y0 zm 6l vu 1d 0h hn 6h k8 7k zz zg zc 73 3p 0m v5 le ưw 1n vc 5f s0 j c2 j3i nj 70