Paper Title
The Application of KMV Model in the Listed Residential Real Estate Developers in Thailand

Abstract
This paper applies KMV model which is a structural model to assess the credit risk to the residential real estate developers in Thailand. It shows the result of ranking of distance of default in the sample, where it varies across time. During the recent financial crisis this model also reflects into lower median of distance to default. The study also explores the sensitivity to the variations of equity volatility and default point, which are the key inputs of the model. Both variables have inverse relations with the distance to default with asymmetric impacts. Given the level of volatility and distance to default in 2014, the smaller volatility increases the distance to default more than the larger one, while the smaller distance to default increases the distance to default less than the larger one. We therefore extend that the variation of volatility tends to exert more impact on the distance to default more than the variation of default point. Keywords- Credit Risks, Residential Developers, KMV Model, Financial Institutions, Distance to Default.