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Understanding Aggregate Default Rates of High Yield Bonds

Jean Helwege

出版	SSRN, 2007
URL	http://books.google.com.hk/books?id=Z7fAzgEACAAJ&hl=&source=gbs_api

註釋

What explains the wide swings in the default rate on high yield bonds in recent years? Differences in credit quality from year to year account for much of the observed variation in default rates, but economic conditions and the age of bonds have also played a role.