The Seasoning Process for Corporate Bonds
研究新发行公司债券在成熟期内收益率高于可比成熟债券的现象，分析其对发行人和投资者的影响，并建立模型区分成熟过程导致的收益率差异与其他永久性差异。
* A number of studies have attested to the existence of a seasoning period for newly issued corporate bonds [1, 6, 8]. During this period, newly issued bonds supposedly trade at prices which reflect higher yields than those of comparable seasoned bonds. Presumably, this yield differential occurs solely because new bonds are involved. If this is the case, the seasoning process results in additional cost to issuers (because the higher yield necessitates lower proceeds to the issuer) and a somewhat unique opportunity for investors (as they can earn excess returns returns above those justified by the associated risk). Thus, the presence of a seasoning period is evidence of market failure (market inefficiency) wherein information relevant to the pricing of new and/or seasoned issues is not immediately reflected in their market prices. This seasoning process should not be confused with other phenomena that cause new and outstanding bonds to trade persistently at positive yield differentials: differences in coupon rates and corresponding tax effects, and differences in the call protection of the new and seasoned issues. The model in our study can identify the existence of both a seasoning process yield differential and a permanent yield differential which is unrelated to the existence of a seasoning period.