Defaults of Original Issue High‐Yield Convertible Bonds
研究高收益可转换债券的违约率，发现其显著低于非可转换高收益债券，且该差异在控制发行规模和票面利率后仍显著。
ABSTRACT Recent studies using aging analysis have found high rates of default for rated, nonconvertible high‐yield bonds. This paper examines the remainder of the market and concludes that rated and nonrated convertible high‐yield bonds had significantly lower default rates. It also provides some evidence that nonrated, nonconvertible securities may have lower default rates. Even after controlling for issue size and coupon rates in a logit model, these differences remain statistically significant.