In a history that now stretches about four decades, the high yield (HY) market has
experienced growth in issuance and out‐standings that is remarkable both for its level …

Purpose–The high yield debt market has evolved into a $1 trillion market over the last 25
years. The purpose of this paper is to analyze the risk‐adjusted performance of individual …

The overall growth and volatility in the high yield (HY) bond market has provided a viable
source of capital and an interesting investment asset class. The result has been strong …

We present returns-based style analysis of four high-yield (HY) bond indexes and 60 HY
bond funds. It is widely accepted that HY bonds are hybrid assets, with returns sensitive to …

In this paper, we focus on investing in US high‐yield bonds during the period 2007–2013, a
period that covers the Great Recession in the aftermath of the global financial crisis of 2007 …

It is illegal to make unauthorized copies of this article, forward to an unauthorized user or to
post electronically without Publisher permission. concerned with their entire portfolio, be it a …

This study demonstrates that roughly one quarter to one-third of the monthly returns of the
Merrill Lynch High Yield Bond Indexes from September 1988 through June 2009 can be …

Such concerns have been expressed by the IMF [2015], among others, and may be
explained by lower trading frequencies and higher search and bargaining costs (Duffie …

Abstract Executive Summary.• Some risk-averse investors may want a majority of their
wealth in non-equity holdings such as Treasury bills, certificates of deposit, and corporate …

Although the issuance of bank loans has exceeded new high yield debt issues for the past
10 years, it is only within the last five years that the mutual fund industry has dramatically …