Default Risk, Yield Spreads, and Time to Maturity
扩展了债券收益率利差的违约模型，证明利差与到期期限的关系并非总是单调递增，有助于解释文献中看似矛盾的实证结果。
This paper extends the default model of yield spreads for bonds by showing that, in gen? eral, they are a complex function of maturity and, in particular, are not always monotoni? cally increasing, contrary to what one traditional view suggests. Our results may help explain the apparently conflicting empirical results found in the literature.