Blume and Keim are from the Wharton School, University of Pennsylvania, and Patel is from Texas Christian University. This paper was previously titled “The Components of Lower-Grade Bond Price Variability.” We thank Stephen Foerster, George Pennacchi, René Stulz (editor), Mark Weinstein, an anonymous referee and participants in presentations at the Berkeley Program in Finance, the Garn Institute Symposium, Harvard, the NYU Conference on the High Yield Debt Market, the University of Western Ontario, and Wharton for helpful comments. Neelu Agrawal, Suzanne Barrett, and Todd Rosentover provided excellent research assistance. Remaining errors are ours.
Returns and Volatility of Low-Grade Bonds 1977–1989
Version of Record online: 30 APR 2012
© 1991 the American Finance Association
The Journal of Finance
Volume 46, Issue 1, pages 49–74, March 1991
How to Cite
BLUME, M. E., KEIM, D. B. and PATEL, S. A. (1991), Returns and Volatility of Low-Grade Bonds 1977–1989. The Journal of Finance, 46: 49–74. doi: 10.1111/j.1540-6261.1991.tb03745.x
- Issue online: 30 APR 2012
- Version of Record online: 30 APR 2012
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