Risky Corporate Bonds in 2021: A Bubble, or Rational Underwriting in a Low-Rate Environment?

Edward I. Altman; Mike Harmon

doi:10.3905/jpm.2021.1.292

Risky Corporate Bonds in 2021: A Bubble, or Rational Underwriting in a Low-Rate Environment?

Edward I. Altman and Mike Harmon

The Journal of Portfolio Management November 2021, 48 (1) 7-20; DOI: https://doi.org/10.3905/jpm.2021.1.292

Edward I. Altman

is the Max L. Heine Professor of Finance, Emeritus, in the Stern School of Business at New York University and the director of Research in Credit and Debt Markets at the NYU Salomon Center for the Study of Financial Institutions in New York, NY

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Mike Harmon

is the managing partner of Gaviota Advisors, LLC, in Manhattan Beach, CA, and a lecturer at Stanford University Graduate School of Business in Stanford, CA

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Risky Corporate Bonds in 2021: A Bubble, or Rational Underwriting in a Low-Rate Environment?