Before revision:  In particular, we investigate under which conditions a single simulation of joint default times at a final time horizon can be decomposed in a set of simulations of joint defaults on subsequent adjacent sub-periods leading to that final horizon.
After revision:  In particular, we investigate under which conditions a single simulation of joint default times at a final time horizon can be decomposed into a set of simulations of joint defaults on subsequent adjacent sub-periods leading to that final horizon.