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Marketability and Default Influences on the Yield Premia of Speculative-Grade Debt

Author

Listed:
  • Joel Shulman
  • Mark Bayless
  • Kelly Price

Abstract

Following several years of severe price volatility, market uncertainty and a number of well-publicized controversies, the issuance of high-yield bonds virtually ceased by 1990, suggesting that interest in these instruments might disappear as well. During 1991 and 1992, however, total annual returns on high-yield bonds approached 40%, and with it record new issuances. Analysts and investors alike have since revisited the unresolved questions regarding risk of high-yield bonds and their associated yield spreads.

Suggested Citation

  • Joel Shulman & Mark Bayless & Kelly Price, 1993. "Marketability and Default Influences on the Yield Premia of Speculative-Grade Debt," Financial Management, Financial Management Association, vol. 22(3), Fall.
    • Handle: RePEc:fma:fmanag:shulman93
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    Cited by:

    1. Houweling, Patrick & Mentink, Albert & Vorst, Ton, 2005. "Comparing possible proxies of corporate bond liquidity," Journal of Banking & Finance, Elsevier, vol. 29(6), pages 1331-1358, June.
    2. Brad A. Badertscher & Dan Givoly & Sharon P. Katz & Hanna Lee, 2019. "Private Ownership and the Cost of Public Debt: Evidence from the Bond Market," Management Science, INFORMS, vol. 65(1), pages 301-326, January.
    3. Zhao, Yang & Yu, Min-Teh, 2019. "Measuring the liquidity impact on catastrophe bond spreads," Pacific-Basin Finance Journal, Elsevier, vol. 56(C), pages 197-210.
    4. Dan Givoly & Carla Hayn & Sharon Katz, 2017. "The changing relevance of accounting information to debt holders over time," Review of Accounting Studies, Springer, vol. 22(1), pages 64-108, March.
    5. Díaz, Antonio & Escribano, Ana, 2022. "Liquidity dimensions in the U.S. corporate bond market," International Review of Economics & Finance, Elsevier, vol. 80(C), pages 1163-1179.
    6. Kariyawasam Galoluwage Madurika Nanayakkara & Sisira Colombage, 2021. "Does compliance with Green Bond Principles bring any benefit to make G20’s ‘Green economy plan’ a reality?," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 61(3), pages 4257-4285, September.
    7. Diaz, Antonio & Merrick, John Jr. & Navarro, Eliseo, 2006. "Spanish Treasury bond market liquidity and volatility pre- and post-European Monetary Union," Journal of Banking & Finance, Elsevier, vol. 30(4), pages 1309-1332, April.

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