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Thank you David. I would really appreciate if you could shed some light on this piece of literature which I am trying to understand, here is the extract : This piece is from Bill Yang's Paper titled " Point-in-time PD term structure models for multi-period scenario loss projection...

Hello Guys, I am a bit confused on the methodology to calculate a default rate on a number of loans : Say we have a portfolio of 27 lines of loans there are 8 loans who defaulted, normally the default rate would be 8 / 27 but on some papers I have seen that they calculate it as 8 / 19, are...