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Keywords:Corporate bonds 

Journal Article
Event risk premia and bond market incentives for corporate leverage

Quarterly Review , Volume 15 , Issue Spr

Report
The slope of the credit yield curve for speculative-grade issuers

Many theoretical bond pricing models predict that the slope of the credit yield curve facing highly leveraged firms is negative. Previous empirical research by Sarig and Warga (1989) and Fons (1994) confirms this view of high yield bonds. We show that these results largely owe to sample selection bias associated with the debt maturity choice. When the credit quality of the issuer is held constant, as in the case of matched bond samples, the typical credit yield curve facing speculative-grade issuers is upward-sloping.
Research Paper , Paper 9725

Report
Multiple ratings and credit standards: differences of opinion in the credit rating industry

This paper tests whether the tendency of third rating agencies to assign higher ratings than Moody's and Standard & Poor's results from more lenient standards or sample selection bias. More lenient standards might result from incentives to satisfy issuers who are, in fact, the purchasers of the ratings. Selection bias might be important because issuers that expect a low rating from a third agency are unlikely to request one. Our analysis of a broad sample of corporate bond ratings at year-end 1993 reveals that, although sample selection bias appears important, it explains less than half the ...
Research Paper , Paper 9527

Report
Event risk premia and bond market incentives for corporate leverage

Research Paper , Paper 9028

Report
Underwriter price support and the IPO underpricing puzzle

Research Paper , Paper 9117

Report
Default and liquidity risk in the junk bond market

Research Paper , Paper 8816

Report
The high-yield market structure and the impact of security supplies

Research Paper , Paper 8914

Journal Article
Low-grade bonds: a growing source of corporate funding

Business Review , Issue Nov , Pages 3-12

Blog
Corporate Bond Spreads and the Pandemic III: Variance across Sectors and Firms

Corporate bond spreads widened when COVID-19 initially began spreading, then spreads stabilized. How have spreads fared across individual sectors and issuances from the same firm?
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