Determinants of the Relative Interest Rate Sensitivities of Corporate Bonds
研究违约风险、赎回条款和偿债基金等特征如何影响公司债券价格的利率敏感性，并检验相关假设，对投资者管理利率风险有参考价值。
The unprecedented price volatility observed in the bond market in recent years has caused investors to be keenly concerned about their exposure to interest rate risk. This paper examines the extent to which the interest rate sensitivity of corporate bond prices is affected by various characteristics. The characteristics examined include default risk, the call option, and the sinking fund. In Section II, several hypotheses are developed concerning the effect of each of these characteristics on the interest rate sensitivity of the corporate bond. The results of testing these hypotheses are reported in sections III through V. Section VI discusses the implications of the default risk analysis for the study of the systematic risk of corporate bonds. Section VII provides summary comments and implications.