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Beyond Junk Bonds
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Beyond Junk Bonds: Expanding High Yield Markets

Glenn Yago and Susanne Trimbath

Abstract

Since financial myths exploded in the 1980s, the perspective of time creates a unique opportunity to update and expand the analysis begun in Glenn Yago's 1991 book, Junk Bonds: How High Yield Securities Restructured Corporate America (OUP). When first published, Junk Bonds drew controversial responses, but some 12 years later, enough time has passed to allow this dispassionate empirical analysis to shear away the hype and hysteria that surrounded the Wall Street scandals, Washington controversies, and media frenzy of the time. In retrospect, the evidence clearly casts favorable light on the ro ... More

Keywords: bond ratings, capital access, capital markets, capital productivity, credit markets, defaults equity capital markets, equity markets, financial innovations, global competitiveness, global debt, global market, high‐yield markets, high‐yield securities, history, industrial restructuring, junk bonds, labor productivity, macroeconomics, market recovery, regulation, risk, USA

Bibliographic Information

Print publication date: 2003 Print ISBN-13: 9780195149234
Published to Oxford Scholarship Online: November 2003 DOI:10.1093/0195149238.001.0001

Authors

Affiliations are at time of print publication.

Glenn Yago, author
Author Webpage

Susanne Trimbath, author
both at Milken Institute