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sume that the liquidation value of the bank's risky assets in default is given by
The bank chooses to default when the shortfall, the cost of re- financing, or the liquidation value of risky assets is large.
b∗0 increases with refinancing costs φ and decreases with the liquidation value K of assets.
In this case, shareholders can obtain positive payoff in default if the liquidation value
with the liquidation value of assets (as shown in Lemma
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