What is the purpose of a credit analyst investigating the market structure of an industry (e.g., unregulated monopoly, oligopoly, etc.)?
Answer to relevant QuestionsWhat should be the focus of an analyst with respect to the regulation of an industry? How does the Jarrow-Turnbull-Lando model differ from the basic Jarrow-Turnbull model? Why is the calibration of a credit risk model to the market important in fixed income trading? How do the Jarrow-Turnbull and Duffie-Singleton reduced-form models differ? Explain why in implementing a yield spread strategy it is necessary to keep the dollar duration constant.
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