问一道题：NO.PZ2016082405000018 [ FRM II ]

Suppose a firm htwo issues outstanng. One is a senior issue thmatures in three years with a principamount of $100 million. The other is a subornate issue thalso matures in three years with a principamount of $50 million. The annuinterest rate is 5% anthe volatility of the firm value is estimateto 15%. If the volatility of the firm value clines in the Merton mol, then whiof the following statements is true? If the firm is experiencing financistress (low firm value), then the value of senior will increase while the values of subornate anequity will both cline. If the firm is not experiencing financistress (high firm value), then the value of senior ansubornate anequity will increase. If the firm is experiencing financistress (low firm value), then the value of senior ansubornate will increase while equity values will cline. If the firm is not experiencing financistress (high firm value), then the value of senior will increase while the values of subornate anequity will both cline. A  When firms with subornate are experiencing financistress (low film values), changes in the value of subornate will reato changes in the mol parameters in the same wequity. Sinequity is valuea call option in the Merton mol, a cline in volatility will rethe value of equity (ansubornate bt). When firms with subornate are not experiencing financistress (high firm values), changes in the value of subornate will reato changes in the mol parameters in the same wsenior bt. Sinsenior is valuethe fferenin firm value less equity valuea call option in the Merton mol, a cline in volatility will increase the value of senior (ansubornate bt). 想问下，当公司价值高的时候（非危机时），为啥equity的value也是低的？