Defaults and Returns in the High Yield Bond Market: The Year 2005 in Review and Market Outlook

Journal of Applied Research in Accounting and Finance (JARAF), Vol. 1, No. 1, p. 3, 2006

31 Pages Posted: 9 Nov 2006  

Edward I. Altman

New York University (NYU) - Salomon Center; New York University (NYU) - Department of Finance

Brent Pasternack

affiliation not provided to SSRN

Abstract

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.

Keywords: Corporate bonds, bankruptcy, distressed debt

JEL Classification: G33, G34

Suggested Citation

Altman, Edward I. and Pasternack, Brent, Defaults and Returns in the High Yield Bond Market: The Year 2005 in Review and Market Outlook. Available at SSRN: https://ssrn.com/abstract=943326

Edward I. Altman (Contact Author)

New York University (NYU) - Salomon Center ( email )

44 West 4th Street
New York, NY 10012
United States
212-998-0709 (Phone)
212-995-4220 (Fax)

New York University (NYU) - Department of Finance ( email )

Stern School of Business
44 West 4th Street
New York, NY 10012-1126
United States

Brent Pasternack

affiliation not provided to SSRN

No Address Available

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