Marketability and Default Influences on the Yield Premia of Speculative-Grade Debt
研究高收益债券在经历市场波动和争议后，其收益率溢价如何受可销售性和违约风险影响，帮助投资者理解风险与回报关系。
Following several years of severe price volatility, market uncertainty and a number of well-publicized controversies, the issuance of high-yield bonds virtually ceased by 1990, suggesting that interest in these instruments might disappear as well. During 1991 and 1992, however, total annual returns on high-yield bonds approached 40%, and with it record new issuances. Analysts and investors alike have since revisited the unresolved questions regarding risk of high-yield bonds and their associated yield spreads.