{"id":1214,"date":"2025-07-13T15:28:45","date_gmt":"2025-07-13T11:28:45","guid":{"rendered":"https:\/\/eoninvestment.com\/?p=1214"},"modified":"2026-04-11T21:28:37","modified_gmt":"2026-04-11T17:28:37","slug":"expected-default-and-cod","status":"publish","type":"post","link":"https:\/\/eoninvestment.com\/ka\/2025\/07\/13\/expected-default-and-cod\/","title":{"rendered":"<span class=\"eon-recovered-georgian-title\" data-no-translation=\"\">\u10db\u10dd\u10e1\u10d0\u10da\u10dd\u10d3\u10dc\u10d4\u10da\u10d8 \u10d3\u10d4\u10e4\u10dd\u10da\u10e2\u10d8 \u10d3\u10d0 CoD<\/span>"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>How to Calculate Expected Default Loss on a Bond?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The cost of debt is often confused with the yield to maturity (YTM) of a bond\/loan.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The promised return is equal to the cost of debt when there is no risk of default. However, because there is a real risk of default, we must discount the expected cash flows instead of the promised coupons and principal amounts.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The expected cash flows depend on both the probability of default and the recovery rate in the event of default. The table below shows the recovery rates for senior unsecured bonds according to Moody&#8217;s ratings, based on the number of years since the rating was assigned, within 30 days after default.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For example, if a bond defaults within three years after being rated A, its price drops to an average of 45%.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Therefore, if we know the bond&#8217;s price, the probability of default, and the recovery rate in the event of default, we can calculate the cost of debt.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">P[0] = ECF[1]\/(1+CoD) + ECF[2]\/(1+CoD) + &#8230; + ECF[t]\/(1+CoD)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This is calculated in the same way as yield to maturity, but using expected cash flows in the denominator.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The difference between CoD and YTM is called the expected default loss (EDL).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">E(DL) = YTM-CoD<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">*Corporate Valuation Theory, Evidence and Practice<br \/>Mark E. Zmijewski; Robert W. Holthausen<br \/>Second Edition<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u10e0\u10dd\u10d2\u10dd\u10e0 \u10d3\u10d0\u10d5\u10d7\u10d5\u10d0\u10da\u10dd\u10d7 \u10dd\u10d1\u10da\u10d8\u10d2\u10d0\u10ea\u10d8\u10d0\u10d6\u10d4 \u10db\u10dd\u10e1\u10d0\u10da\u10dd\u10d3\u10dc\u10d4\u10da\u10d8 \u10d3\u10d4\u10e4\u10dd\u10da\u10e2\u10d8\u10e1 \u10d3\u10d0\u10dc\u10d0\u10d9\u10d0\u10e0\u10d2\u10d8?\u10dd\u10d1\u10da\u10d8\u10d2\u10d0\u10ea\u10d8\u10d8\u10e1\/\u10e1\u10d4\u10e1\u10ee\u10d8\u10e1 \u10e6\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d4\u10d1\u10d0 (Cost of Debt) \u10ee\u10e8\u10d8\u10e0\u10d0\u10d3 \u10d3\u10d0\u10de\u10d8\u10e0\u10d4\u10d1\u10e3\u10da \u10e3\u10d9\u10e3\u10d2\u10d4\u10d1\u10d0\u10e8\u10d8 (Yield to Matirity)-\u10e8\u10d8 \u10d4\u10e0\u10d4\u10d5\u10d0\u10d7 \u10ee\u10dd\u10da\u10db\u10d4&#8230;\u10d3\u10d0\u10de\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d8 \u10e3\u10d9\u10e3\u10d2\u10d4\u10d1\u10d0, \u10e1\u10d4\u10e1\u10ee\u10d8\u10e1 \u10e6\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d4\u10d1\u10d0\u10e1 \u10e3\u10d3\u10e0\u10d8\u10e1 \u10db\u10d0\u10e8\u10d8\u10dc, \u10e0\u10dd\u10ea\u10d0 \u10d3\u10d4\u10e4\u10dd\u10da\u10e2\u10d8\u10e1 \u10e0\u10d8\u10e1\u10d9\u10d8 \u10dc\u10e3\u10da\u10d8\u10d0, \u10db\u10d0\u10d2\u10e0\u10d0\u10db \u10e0\u10d0\u10d3\u10d2\u10d0\u10dc \u10d3\u10d4\u10e4\u10dd\u10da\u10e2\u10d8\u10e1 \u10e0\u10d8\u10e1\u10d9\u10d8 \u10e0\u10d4\u10d0\u10da\u10e3\u10e0\u10d0\u10d3 [\u2026]<\/p>","protected":false},"author":12998525,"featured_media":1215,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_wpcom_ai_launchpad_first_post":false,"_eon_insights_quality":"","_eon_insights_decision":"","_eon_insights_destination":"","_eon_insights_merge_group":"","_eon_insights_required_changes":"","_eon_insights_start_order":0,"_eon_featured_insight":0,"_eon_insights_map_version":"","_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[774675951,37372,772049227],"tags":[],"eon_topic":[],"eon_learning_path":[],"eon_collection":[],"eon_level":[],"eon_content_type":[],"eon_source":[],"eon_idea":[784445690,784445692],"eon_framework":[],"class_list":["post-1214","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-valuation-theory-evidence-and-practice-by-m-e-zmijewski-r-w-holthausen","category-risk","category-wacc-coc-structure","eon_idea-risk","eon_idea-wacc-coc-structure"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Expected Default and CoD - Eon Investment<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/eoninvestment.com\/ka\/2025\/07\/13\/expected-default-and-cod\/\" \/>\n<meta property=\"og:locale\" content=\"ka_GE\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Expected Default and CoD - Eon Investment\" \/>\n<meta property=\"og:description\" content=\"\u10e0\u10dd\u10d2\u10dd\u10e0 \u10d3\u10d0\u10d5\u10d7\u10d5\u10d0\u10da\u10dd\u10d7 \u10dd\u10d1\u10da\u10d8\u10d2\u10d0\u10ea\u10d8\u10d0\u10d6\u10d4 \u10db\u10dd\u10e1\u10d0\u10da\u10dd\u10d3\u10dc\u10d4\u10da\u10d8 \u10d3\u10d4\u10e4\u10dd\u10da\u10e2\u10d8\u10e1 \u10d3\u10d0\u10dc\u10d0\u10d9\u10d0\u10e0\u10d2\u10d8?\u10dd\u10d1\u10da\u10d8\u10d2\u10d0\u10ea\u10d8\u10d8\u10e1\/\u10e1\u10d4\u10e1\u10ee\u10d8\u10e1 \u10e6\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d4\u10d1\u10d0 (Cost of Debt) \u10ee\u10e8\u10d8\u10e0\u10d0\u10d3 \u10d3\u10d0\u10de\u10d8\u10e0\u10d4\u10d1\u10e3\u10da \u10e3\u10d9\u10e3\u10d2\u10d4\u10d1\u10d0\u10e8\u10d8 (Yield to Matirity)-\u10e8\u10d8 \u10d4\u10e0\u10d4\u10d5\u10d0\u10d7 \u10ee\u10dd\u10da\u10db\u10d4...\u10d3\u10d0\u10de\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d8 \u10e3\u10d9\u10e3\u10d2\u10d4\u10d1\u10d0, \u10e1\u10d4\u10e1\u10ee\u10d8\u10e1 \u10e6\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d4\u10d1\u10d0\u10e1 \u10e3\u10d3\u10e0\u10d8\u10e1 \u10db\u10d0\u10e8\u10d8\u10dc, \u10e0\u10dd\u10ea\u10d0 \u10d3\u10d4\u10e4\u10dd\u10da\u10e2\u10d8\u10e1 \u10e0\u10d8\u10e1\u10d9\u10d8 \u10dc\u10e3\u10da\u10d8\u10d0, \u10db\u10d0\u10d2\u10e0\u10d0\u10db \u10e0\u10d0\u10d3\u10d2\u10d0\u10dc \u10d3\u10d4\u10e4\u10dd\u10da\u10e2\u10d8\u10e1 \u10e0\u10d8\u10e1\u10d9\u10d8 \u10e0\u10d4\u10d0\u10da\u10e3\u10e0\u10d0\u10d3 [\u2026]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/eoninvestment.com\/ka\/2025\/07\/13\/expected-default-and-cod\/\" \/>\n<meta property=\"og:site_name\" content=\"Eon Investment\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/facebook.com\/eoninvestment\" \/>\n<meta property=\"article:published_time\" content=\"2025-07-13T11:28:45+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-04-11T17:28:37+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/recovery-rate.jpeg?fit=838%2C309&ssl=1\" \/>\n\t<meta property=\"og:image:width\" content=\"838\" \/>\n\t<meta property=\"og:image:height\" content=\"309\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"neoinsight\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"neoinsight\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 \u10ec\u10e3\u10d7\u10d8\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/eoninvestment.com\\\/ka\\\/wp-json\\\/wp\\\/v2\\\/posts\\\/1214\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/eoninvestment.com\\\/ka\\\/#website\"},\"author\":{\"name\":\"neoinsight\",\"@id\":\"https:\\\/\\\/eoninvestment.com\\\/ka\\\/#\\\/schema\\\/person\\\/9bb6a82e15a5231535d10233395afa89\"},\"headline\":\"\u10db\u10dd\u10e1\u10d0\u10da\u10dd\u10d3\u10dc\u10d4\u10da\u10d8 \u10d3\u10d4\u10e4\u10dd\u10da\u10e2\u10d8 \u10d3\u10d0 CoD\",\"datePublished\":\"2025-07-13T11:28:45+00:00\",\"dateModified\":\"2026-04-11T17:28:37+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/eoninvestment.com\\\/2025\\\/07\\\/13\\\/expected-default-and-cod\\\/\"},\"wordCount\":225,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/eoninvestment.com\\\/ka\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/eoninvestment.com\\\/2025\\\/07\\\/13\\\/expected-default-and-cod\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/i0.wp.com\\\/eoninvestment.com\\\/wp-content\\\/uploads\\\/2024\\\/04\\\/recovery-rate.jpeg?fit=838%2C309&ssl=1\",\"articleSection\":[\"Corporate Valuation Theory, Evidence and Practice - by M. E. Zmijewski; R. W. Holthause\",\"Risk\",\"WACC, CoC, Structure\"],\"inLanguage\":\"ka-GE\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/eoninvestment.com\\\/2025\\\/07\\\/13\\\/expected-default-and-cod\\\/#respond\"]}],\"url\":\"https:\\\/\\\/eoninvestment.com\\\/ka\\\/wp-json\\\/wp\\\/v2\\\/posts\\\/1214\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/eoninvestment.com\\\/ka\\\/wp-json\\\/wp\\\/v2\\\/posts\\\/1214\",\"url\":\"https:\\\/\\\/eoninvestment.com\\\/ka\\\/wp-json\\\/wp\\\/v2\\\/posts\\\/1214\",\"name\":\"Expected Default and CoD - Eon Investment\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/eoninvestment.com\\\/ka\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/eoninvestment.com\\\/2025\\\/07\\\/13\\\/expected-default-and-cod\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/eoninvestment.com\\\/2025\\\/07\\\/13\\\/expected-default-and-cod\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/i0.wp.com\\\/eoninvestment.com\\\/wp-content\\\/uploads\\\/2024\\\/04\\\/recovery-rate.jpeg?fit=838%2C309&ssl=1\",\"datePublished\":\"2025-07-13T11:28:45+00:00\",\"dateModified\":\"2026-04-11T17:28:37+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/eoninvestment.com\\\/ka\\\/wp-json\\\/wp\\\/v2\\\/posts\\\/1214#breadcrumb\"},\"inLanguage\":\"ka-GE\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/eoninvestment.com\\\/2025\\\/07\\\/13\\\/expected-default-and-cod\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"ka-GE\",\"@id\":\"https:\\\/\\\/eoninvestment.com\\\/2025\\\/07\\\/13\\\/expected-default-and-cod\\\/#primaryimage\",\"url\":\"https:\\\/\\\/i0.wp.com\\\/eoninvestment.com\\\/wp-content\\\/uploads\\\/2024\\\/04\\\/recovery-rate.jpeg?fit=838%2C309&ssl=1\",\"contentUrl\":\"https:\\\/\\\/i0.wp.com\\\/eoninvestment.com\\\/wp-content\\\/uploads\\\/2024\\\/04\\\/recovery-rate.jpeg?fit=838%2C309&ssl=1\",\"width\":838,\"height\":309},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/eoninvestment.com\\\/ka\\\/wp-json\\\/wp\\\/v2\\\/posts\\\/1214#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/eoninvestment.com\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Expected Default and CoD\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/eoninvestment.com\\\/ka\\\/#website\",\"url\":\"https:\\\/\\\/eoninvestment.com\\\/ka\\\/\",\"name\":\"Eon Investment\",\"description\":\"Think Value\",\"publisher\":{\"@id\":\"https:\\\/\\\/eoninvestment.com\\\/ka\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/eoninvestment.com\\\/ka\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"ka-GE\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/eoninvestment.com\\\/ka\\\/#organization\",\"name\":\"Eon Investment\",\"url\":\"https:\\\/\\\/eoninvestment.com\\\/ka\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"ka-GE\",\"@id\":\"https:\\\/\\\/eoninvestment.com\\\/ka\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/i0.wp.com\\\/eoninvestment.com\\\/wp-content\\\/uploads\\\/2026\\\/09\\\/EON_Profile_Logo_Concept_v2.png?fit=1200%2C1200&ssl=1\",\"contentUrl\":\"https:\\\/\\\/i0.wp.com\\\/eoninvestment.com\\\/wp-content\\\/uploads\\\/2026\\\/09\\\/EON_Profile_Logo_Concept_v2.png?fit=1200%2C1200&ssl=1\",\"width\":1200,\"height\":1200,\"caption\":\"Eon Investment\"},\"image\":{\"@id\":\"https:\\\/\\\/eoninvestment.com\\\/ka\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/facebook.com\\\/eoninvestment\",\"https:\\\/\\\/linkedin.com\\\/groups\\\/9505998\\\/\"],\"inLanguage\":\"ka-GE\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/eoninvestment.com\\\/ka\\\/#\\\/schema\\\/person\\\/9bb6a82e15a5231535d10233395afa89\",\"name\":\"neoinsight\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"ka-GE\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/1398d4747317b2a10907709a0dc287ccc370464c161afb2688aa9c47ab913d79?s=96&d=identicon&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/1398d4747317b2a10907709a0dc287ccc370464c161afb2688aa9c47ab913d79?s=96&d=identicon&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/1398d4747317b2a10907709a0dc287ccc370464c161afb2688aa9c47ab913d79?s=96&d=identicon&r=g\",\"caption\":\"neoinsight\"},\"sameAs\":[\"http:\\\/\\\/neoinsight.wordpress.com\"],\"url\":\"https:\\\/\\\/eoninvestment.com\\\/ka\\\/author\\\/neoinsight\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Expected Default and CoD - Eon Investment","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/eoninvestment.com\/ka\/2025\/07\/13\/expected-default-and-cod\/","og_locale":"ka_GE","og_type":"article","og_title":"Expected Default and CoD - Eon Investment","og_description":"\u10e0\u10dd\u10d2\u10dd\u10e0 \u10d3\u10d0\u10d5\u10d7\u10d5\u10d0\u10da\u10dd\u10d7 \u10dd\u10d1\u10da\u10d8\u10d2\u10d0\u10ea\u10d8\u10d0\u10d6\u10d4 \u10db\u10dd\u10e1\u10d0\u10da\u10dd\u10d3\u10dc\u10d4\u10da\u10d8 \u10d3\u10d4\u10e4\u10dd\u10da\u10e2\u10d8\u10e1 \u10d3\u10d0\u10dc\u10d0\u10d9\u10d0\u10e0\u10d2\u10d8?\u10dd\u10d1\u10da\u10d8\u10d2\u10d0\u10ea\u10d8\u10d8\u10e1\/\u10e1\u10d4\u10e1\u10ee\u10d8\u10e1 \u10e6\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d4\u10d1\u10d0 (Cost of Debt) \u10ee\u10e8\u10d8\u10e0\u10d0\u10d3 \u10d3\u10d0\u10de\u10d8\u10e0\u10d4\u10d1\u10e3\u10da \u10e3\u10d9\u10e3\u10d2\u10d4\u10d1\u10d0\u10e8\u10d8 (Yield to Matirity)-\u10e8\u10d8 \u10d4\u10e0\u10d4\u10d5\u10d0\u10d7 \u10ee\u10dd\u10da\u10db\u10d4...\u10d3\u10d0\u10de\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d8 \u10e3\u10d9\u10e3\u10d2\u10d4\u10d1\u10d0, \u10e1\u10d4\u10e1\u10ee\u10d8\u10e1 \u10e6\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d4\u10d1\u10d0\u10e1 \u10e3\u10d3\u10e0\u10d8\u10e1 \u10db\u10d0\u10e8\u10d8\u10dc, \u10e0\u10dd\u10ea\u10d0 \u10d3\u10d4\u10e4\u10dd\u10da\u10e2\u10d8\u10e1 \u10e0\u10d8\u10e1\u10d9\u10d8 \u10dc\u10e3\u10da\u10d8\u10d0, \u10db\u10d0\u10d2\u10e0\u10d0\u10db \u10e0\u10d0\u10d3\u10d2\u10d0\u10dc \u10d3\u10d4\u10e4\u10dd\u10da\u10e2\u10d8\u10e1 \u10e0\u10d8\u10e1\u10d9\u10d8 \u10e0\u10d4\u10d0\u10da\u10e3\u10e0\u10d0\u10d3 [\u2026]","og_url":"https:\/\/eoninvestment.com\/ka\/2025\/07\/13\/expected-default-and-cod\/","og_site_name":"Eon Investment","article_publisher":"https:\/\/facebook.com\/eoninvestment","article_published_time":"2025-07-13T11:28:45+00:00","article_modified_time":"2026-04-11T17:28:37+00:00","og_image":[{"width":838,"height":309,"url":"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/recovery-rate.jpeg?fit=838%2C309&ssl=1","type":"image\/jpeg"}],"author":"neoinsight","twitter_card":"summary_large_image","twitter_misc":{"Written by":"neoinsight","Est. reading time":"1 \u10ec\u10e3\u10d7\u10d8"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/posts\/1214","isPartOf":{"@id":"https:\/\/eoninvestment.com\/ka\/#website"},"author":{"name":"neoinsight","@id":"https:\/\/eoninvestment.com\/ka\/#\/schema\/person\/9bb6a82e15a5231535d10233395afa89"},"headline":"\u10db\u10dd\u10e1\u10d0\u10da\u10dd\u10d3\u10dc\u10d4\u10da\u10d8 \u10d3\u10d4\u10e4\u10dd\u10da\u10e2\u10d8 \u10d3\u10d0 CoD","datePublished":"2025-07-13T11:28:45+00:00","dateModified":"2026-04-11T17:28:37+00:00","mainEntityOfPage":{"@id":"https:\/\/eoninvestment.com\/2025\/07\/13\/expected-default-and-cod\/"},"wordCount":225,"commentCount":0,"publisher":{"@id":"https:\/\/eoninvestment.com\/ka\/#organization"},"image":{"@id":"https:\/\/eoninvestment.com\/2025\/07\/13\/expected-default-and-cod\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/recovery-rate.jpeg?fit=838%2C309&ssl=1","articleSection":["Corporate Valuation Theory, Evidence and Practice - by M. E. Zmijewski; R. W. Holthause","Risk","WACC, CoC, Structure"],"inLanguage":"ka-GE","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/eoninvestment.com\/2025\/07\/13\/expected-default-and-cod\/#respond"]}],"url":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/posts\/1214"},{"@type":"WebPage","@id":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/posts\/1214","url":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/posts\/1214","name":"Expected Default and CoD - Eon Investment","isPartOf":{"@id":"https:\/\/eoninvestment.com\/ka\/#website"},"primaryImageOfPage":{"@id":"https:\/\/eoninvestment.com\/2025\/07\/13\/expected-default-and-cod\/#primaryimage"},"image":{"@id":"https:\/\/eoninvestment.com\/2025\/07\/13\/expected-default-and-cod\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/recovery-rate.jpeg?fit=838%2C309&ssl=1","datePublished":"2025-07-13T11:28:45+00:00","dateModified":"2026-04-11T17:28:37+00:00","breadcrumb":{"@id":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/posts\/1214#breadcrumb"},"inLanguage":"ka-GE","potentialAction":[{"@type":"ReadAction","target":["https:\/\/eoninvestment.com\/2025\/07\/13\/expected-default-and-cod\/"]}]},{"@type":"ImageObject","inLanguage":"ka-GE","@id":"https:\/\/eoninvestment.com\/2025\/07\/13\/expected-default-and-cod\/#primaryimage","url":"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/recovery-rate.jpeg?fit=838%2C309&ssl=1","contentUrl":"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/recovery-rate.jpeg?fit=838%2C309&ssl=1","width":838,"height":309},{"@type":"BreadcrumbList","@id":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/posts\/1214#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/eoninvestment.com\/"},{"@type":"ListItem","position":2,"name":"Expected Default and CoD"}]},{"@type":"WebSite","@id":"https:\/\/eoninvestment.com\/ka\/#website","url":"https:\/\/eoninvestment.com\/ka\/","name":"Eon Investment","description":"Think Value","publisher":{"@id":"https:\/\/eoninvestment.com\/ka\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/eoninvestment.com\/ka\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"ka-GE"},{"@type":"Organization","@id":"https:\/\/eoninvestment.com\/ka\/#organization","name":"Eon Investment","url":"https:\/\/eoninvestment.com\/ka\/","logo":{"@type":"ImageObject","inLanguage":"ka-GE","@id":"https:\/\/eoninvestment.com\/ka\/#\/schema\/logo\/image\/","url":"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2026\/09\/EON_Profile_Logo_Concept_v2.png?fit=1200%2C1200&ssl=1","contentUrl":"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2026\/09\/EON_Profile_Logo_Concept_v2.png?fit=1200%2C1200&ssl=1","width":1200,"height":1200,"caption":"Eon Investment"},"image":{"@id":"https:\/\/eoninvestment.com\/ka\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/facebook.com\/eoninvestment","https:\/\/linkedin.com\/groups\/9505998\/"],"inLanguage":"ka-GE"},{"@type":"Person","@id":"https:\/\/eoninvestment.com\/ka\/#\/schema\/person\/9bb6a82e15a5231535d10233395afa89","name":"neoinsight","image":{"@type":"ImageObject","inLanguage":"ka-GE","@id":"https:\/\/secure.gravatar.com\/avatar\/1398d4747317b2a10907709a0dc287ccc370464c161afb2688aa9c47ab913d79?s=96&d=identicon&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/1398d4747317b2a10907709a0dc287ccc370464c161afb2688aa9c47ab913d79?s=96&d=identicon&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/1398d4747317b2a10907709a0dc287ccc370464c161afb2688aa9c47ab913d79?s=96&d=identicon&r=g","caption":"neoinsight"},"sameAs":["http:\/\/neoinsight.wordpress.com"],"url":"https:\/\/eoninvestment.com\/ka\/author\/neoinsight\/"}]}},"jetpack_publicize_connections":[],"jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/pQZ85-jA","jetpack_featured_media_url":"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/recovery-rate.jpeg?fit=838%2C309&ssl=1","_links":{"self":[{"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/posts\/1214","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/users\/12998525"}],"replies":[{"embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/comments?post=1214"}],"version-history":[{"count":10,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/posts\/1214\/revisions"}],"predecessor-version":[{"id":9750,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/posts\/1214\/revisions\/9750"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/media\/1215"}],"wp:attachment":[{"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/media?parent=1214"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/categories?post=1214"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/tags?post=1214"},{"taxonomy":"eon_topic","embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/eon_topic?post=1214"},{"taxonomy":"eon_learning_path","embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/eon_learning_path?post=1214"},{"taxonomy":"eon_collection","embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/eon_collection?post=1214"},{"taxonomy":"eon_level","embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/eon_level?post=1214"},{"taxonomy":"eon_content_type","embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/eon_content_type?post=1214"},{"taxonomy":"eon_source","embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/eon_source?post=1214"},{"taxonomy":"eon_idea","embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/eon_idea?post=1214"},{"taxonomy":"eon_framework","embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/eon_framework?post=1214"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}