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First, we observe that the classical assumptions of the Merton model are generally rejected. Secondly, we implement a structural credit risk model based on stable non-Gaussian processes as a representative of subordinated models in order to overcome some drawbacks of the Merton one. Finally, following the KMV-Merton estimation methodology, we propose an empirical comparison between the results obtained from the classical KMV-Merton model and the stable Paretian one. In particular, we suggest alternative parameter estimation for subordinated processes, and we optimize the performance for the stable Paretian model.<\/jats:p>","DOI":"10.1155\/2013\/138272","type":"journal-article","created":{"date-parts":[[2013,8,21]],"date-time":"2013-08-21T01:24:19Z","timestamp":1377048259000},"page":"1-12","source":"Crossref","is-referenced-by-count":0,"title":["Structural Credit Risk Models with Subordinated Processes"],"prefix":"10.1155","volume":"2013","author":[{"ORCID":"https:\/\/orcid.org\/0000-0001-8081-6939","authenticated-orcid":true,"given":"Martin","family":"Gurny","sequence":"first","affiliation":[{"name":"Department of Management, Economics and Quantitative Methods, University of Bergamo, Via dei Caniana 2, 24127 Bergamo, Italy"},{"name":"Department of Applied Finance and Actuarial Studies, Macquarie University, Eastern Road, North Ryde, NSW 2109, Australia"}]},{"ORCID":"https:\/\/orcid.org\/0000-0003-4983-8165","authenticated-orcid":true,"given":"Sergio","family":"Ortobelli Lozza","sequence":"additional","affiliation":[{"name":"Department of Management, Economics and Quantitative Methods, University of Bergamo, Via dei Caniana 2, 24127 Bergamo, Italy"},{"name":"Department of Finance, Faculty of Economics, V\u0160B-Technical University of Ostrava, Sokolsk\u00e1 33, 70121 Ostrava, Czech Republic"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-9761-3529","authenticated-orcid":true,"given":"Rosella","family":"Giacometti","sequence":"additional","affiliation":[{"name":"Department of Management, Economics and Quantitative Methods, University of Bergamo, Via dei Caniana 2, 24127 Bergamo, Italy"}]}],"member":"311","reference":[{"key":"36","first-page":"449","volume":"29","year":"1974","journal-title":"Journal of 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