Equity and debt recovery value, s i {\displaystyle s_{i}} and r i {\displaystyle r_{i}} , are thus uniquely and immediately determined by the value a i {\displaystyle a_{i}} of the exogenous business assets. Assuming that the a i {\displaystyle a_{i}} are, for instance, defined by a Black-Scholes dynamic (with or without correlations), risk-neutral no-arbitrage pricing of debt and equity is straightforward.