Search Results
Journal Article
Junk bonds and public policy
A discussion of the characteristics and use of speculative, low-rated bonds in debt-based financing, with comment on the policy implications of the increasing use of these instruments.
Working Paper
The default premium and corporate bond experience
A study that represents the first effort to tie together the differential returns required by holders of low-rated coporate bonds and the actual default experiences of these issues.
Conference Paper
Reforming bank capital requirements: a rating agency perspective
Journal Article
A critical look at SIPC
A description of the purpose and function of the Securities Investor Protection Corporation (SIPC), with an analysis and comment on its potential $1 trillion exposure to loss.
Journal Article
Debt-deflation and corporate finance
A discussion of the theoretical dangers faced by an overleveraged, debt-based economy, featuring lessons for the 1980s based on the historical context of Irving Fisher's noted 1933 analysis of the macroeconomic effects of excessive debt accumulation.
Journal Article
Disinflation, equity valuation, and investor rationality
An examination of the relationship between inflation and equity prices, concluding that equity prices respond rationally to such factors as real interest rates and risk.