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Optimal Portfolios Including Credit Bonds and Derivatives: A Latest Research Review

Referring to the relevant literatures and theories, this paper summarizes and combs many scholars' viewpoints related to optimal portfolios with credit bonds and derivatives. Due to the fact that asset pricing is the basis of asset portfolio, this paper expounds the pricing and optimal portfolio problems containing these credit products under structural, reduced-form and hybrid models respectively. Although the studies of structural and reduced-form models have been matured, there still exist many defects. Hybrid model that combines the advantages of the two models mentioned above will become increasingly prevalent in the future.