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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, jpm.2021.1.292; DOI: https://doi.org/10.3905/jpm.2021.1.292
Edward I. Altman
is the Max L. Heine Professor of Finance, Emeritus, at 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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Article Information

jpm.2021.1.292
DOI 
https://doi.org/10.3905/jpm.2021.1.292

Published By 
Pageant Media Ltd
Print ISSN 
0095-4918
Online ISSN 
2168-8656
History 
  • Published online September 29, 2021.

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  • Latest version (September 28, 2021 - 06:14).
  • You are currently viewing a Latest version of this article (September 29, 2021 - 20:25).
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Author Information

  1. Edward I. Altman
    1. is the Max L. Heine Professor of Finance, Emeritus, at 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. (eia1{at}stern.nyu.edu)
  2. Mike Harmon
    1. 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. (gaviotaadvisors{at}gmail.com)
  1. To order reprints of this article, please contact David Rowe at d.rowe{at}pageantmedia.com or 646-891-2157.
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The Journal of Portfolio Management: 48 (5)
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Risky Corporate Bonds in 2021: A Bubble, or Rational Underwriting in a Low-Rate Environment?
Edward I. Altman, Mike Harmon
The Journal of Portfolio Management Sep 2021, jpm.2021.1.292; DOI: 10.3905/jpm.2021.1.292

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Risky Corporate Bonds in 2021: A Bubble, or Rational Underwriting in a Low-Rate Environment?
Edward I. Altman, Mike Harmon
The Journal of Portfolio Management Sep 2021, jpm.2021.1.292; DOI: 10.3905/jpm.2021.1.292
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  • Article
    • Abstract
    • WHY HIGH-YIELD BONDS?
    • A BUBBLE DEFINED
    • CCC MARKET TODAY
    • DEFAULT RATES
    • RECOVERY RATES
    • LIQUIDITY
    • LIKELY INVESTOR RETURNS
    • KEY FACTORS INFLUENCING FUTURE RESULTS
    • UPGRADE CYCLES
    • CONCLUSION
    • ACKNOWLEDGMENTS
    • ENDNOTES
    • REFERENCES
  • Info & Metrics
  • PDF (Subscribers Only)
  • PDF (Subscribers Only)

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