Asquith is at the Massachusetts Institute of Technology. Mullins is on leave from the Harvard Business School at the U.S. Department of the Treasury. This research was performed while Mullins was on the faculty of the Harvard Business School and represents his personal views and not those of the U.S. Department of the Treasury. Wolff is at the U.S. Department of Justice. This research was performed while Wolff was at the Harvard Business School and represents his personal views and not those of the U.S. Department of Justice. We wish to acknowledge the assistance of First Boston, Drexel Burnham Lambert, Morgan Stanley, and Salomon Brothers for making default data available. Thanks are also due to the Division of Research, Harvard Business School for providing financial support. In addition, we wish to thank Ben Bisconti and Darquise Cloutier for their assistance with data collection and Paul Bonner for his computer analysis. We also wish to thank Steve Buser, Greg Hradsky, Michael Jensen, Tim Luehrman, Bob Merton, René Stulz, and the referee for this journal, as well as the participants at the University of Chicago and Harvard University Finance Seminars, for their comments. Finally, special thanks are due to Bruce MacLennan for his research assistance.
Original Issue High Yield Bonds: Aging Analyses of Defaults, Exchanges, and Calls
Article first published online: 30 APR 2012
1989 The American Finance Association
The Journal of Finance
Volume 44, Issue 4, pages 923–952, September 1989
How to Cite
ASQUITH, P., MULLINS, D. W. and WOLFF, E. D. (1989), Original Issue High Yield Bonds: Aging Analyses of Defaults, Exchanges, and Calls. The Journal of Finance, 44: 923–952. doi: 10.1111/j.1540-6261.1989.tb02631.x
- Issue published online: 30 APR 2012
- Article first published online: 30 APR 2012
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