Journal of Finance Vol. 48 No. 1 1993
Defaults of Original Issue High-Yield Convertible Bonds.
Abstract
Recent studies using aging analysis have found high rates of default for rated, nonconvertible high-yield bonds. This paper examines the remainder of the market and concludes that rated. and nonrated convertible high-yield bonds had significantly lower defaul t rates. It also provides some evidence that nonrated, nonconvertible securities may have lower default rates. Even after controlling for issue size and coupon rates in a logit model, these differences rema in statistically significant.
- Volume
- 48
- Issue
- 1
- Pages
- 345-62
- Sources
- bibtex:phds-export.bib