Defaults and Returns in the High Yield Bond Market: The Year 2005 in Review and Market Outlook
Edward I. Altman
New York University (NYU) - Salomon Center; New York University (NYU) - Department of Finance
affiliation not provided to SSRN
Journal of Applied Research in Accounting and Finance (JARAF), Vol. 1, No. 1, p. 3, 2006
Dr. Altman has earned an international reputation as an expert on corporate bankruptcy, high yield bonds, distressed debt and credit risk analysis. In this article, Altman and his team provide a comprehensive review of the 2005 high yield bond market. The article provides detailed long-term analysis of the US market, as well as trends in default, bankruptcy, recovery and returns for investors. Against this historical backdrop, the article offers some guidance on expected default rates and market performance in the burgeoning high-yield distressed bond market.
Number of Pages in PDF File: 31
Keywords: Corporate bonds, bankruptcy, distressed debt
JEL Classification: G33, G34Accepted Paper Series
Date posted: November 9, 2006
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