Credit Risk in Private Debt Portfolios
比较了私人配售债券与公开发行债券的违约、损失严重性和平均损失率，发现高风险私人债务平均表现更好，并分析了分散化与资产风险对组合损失尾部的影响，对私人债务组合管理与证券化有参考价值。
Default, loss severity, and average loss rates for a large sample of privately placed bonds are presented and compared with loss experience for publicly issued bonds. The chance of very large portfolio losses is estimated and some determinants of such losses are analyzed. Results show ex ante riskier classes of private debt perform better on average than public debt. Both diversification and the riskiness of individual portfolio assets influence the bad tail of the portfolio loss distribution. Private placements are similar to corporate loans in that both are monitored private debt. The results are thus relevant to management and securitization of private debt portfolios generally.