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The Journal of Portfolio Management

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Primary Article

Drivebys Systematically Underperform

Martin S Fridson and Greg Braylovskiy
The Journal of Portfolio Management Summer 2005, 31 (4) 86-90; DOI: https://doi.org/10.3905/jpm.2005.570154
Martin S Fridson
The publisher of in New York City.
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Greg Braylovskiy
An analyst at .
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  • For correspondence: greg@fridsonvision.com
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Abstract

Unlike traditional high-yield bond offerings, which typically entail a two-week roadshow of presentations to prospective investors, driveby offerings are announced and priced within one day. The yield spread of the average driveby deal widens versus the high-yield index in the first week and the first four weeks after issuance, while the spread of the average non-driveby deal tightens. This finding is statistically robust. Drivebys tend to come to market when the pressure to invest surplus cash is greatest. Portfolio managers who can hold out generally have an opportunity to buy the issues more cheaply in the secondary market.

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The Journal of Portfolio Management
Vol. 31, Issue 4
Summer 2005
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Drivebys Systematically Underperform
Martin S Fridson, Greg Braylovskiy
The Journal of Portfolio Management Jul 2005, 31 (4) 86-90; DOI: 10.3905/jpm.2005.570154

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Drivebys Systematically Underperform
Martin S Fridson, Greg Braylovskiy
The Journal of Portfolio Management Jul 2005, 31 (4) 86-90; DOI: 10.3905/jpm.2005.570154
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