The High-Yield Debt Market: Investment Performance and Economic Impact

The High-Yield Debt Market: Investment Performance and Economic Impact
By Edward I. Altman

1998/01 - Beard Books
1893122018 - Paperback - Reprint - 317 pp.
US$34.95

Series of engrossing papers covering the analytical research on high-yield, noninvestment-grade debt market from public policy and regulatory/legislative aspects.

Publisher Comments

Category: Banking and Finance | Bankruptcy and Restructuring

This title is part of the Business Histories list.

Of Interest:

Distressed Investment Banking: To the Abyss and Back

Inside Investment Banking: Second Edition

Investing in Junk Bonds: Inside the High Yield Debt Market

The First Junk Bond: A Story of Corporate Boom and Bust

"Junk Bonds" -- high-yield, noninvestment grade debt -- may be emotionally laden but they are nonetheless an established financing vehicle in the United States and increasingly in Europe. They also are of interest to issuing firms, investors, underwriters, traders, regulators, and the media. In this book, Edward Altman brings together investment bankers, congressmen, and scholars to debate the impact of and the prospects for the high-yield debt market. The volume includes the opinions of Fred Joseph, Michael Jensen, Marshall Blume, and Congressman Edward J. Markey, as well as insights from Dr. Altman himself.

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Edward I. Altman received an M.B.A and a Ph.D. in Finance from the University of California, Los Angeles. Dr. Altman is the Max L. Heine Professor of Finance at the Stern School of Business, New York University. He has an international reputation as an expert on corporate bankruptcy, high yield bonds, distressed debt, and credit risk analysis. He has been visiting Professor abroad and has received several international awards. Dr. Altman is one of the founders and an Executive Editor of the Journal of Banking and Finance, has authored or edited over twenty books, and has written more than one hundred articles for scholarly finance, accounting and economic journals.

Other Beard Books by Edward Altman

	Preface by Edward I. Altman	vii

PART 1: INVESTMENT PERFORMANCE OF FIXED-INCOME SECURITIES		1
1.	Risk and Return Characteristics of Lower-Grade Bonds, 1977-1987 by Marshall E. Blume and Donald B. Keim	3
2.	Default Risks and Duration Analysis by Jerome S. Fons	18
3.	Measuring Corporate Bond Mortality and Performance by Edward I. Altman	41
4.	Resiliency of the High-Yield Bond Market by Christopher K. Ma, Ramesh P. Rao and Richard L. Peterson	58
5.	Default Risk and the Valuation of High-Yield Bonds: A Methodological Critique by Ramasatry Ambarish and Marti G. Subrahmanyam	79
6.	A Long-Term Perspective on High Yield by Robert Long	96
7.	Comments on Investment Performance of Fixed-Income Securities	103

PART 2: REFLECTIONS ON THE HIGH-YIELD DEBT MARKET		113
8.	A Wall Street View of the High-Yield Debt Market by Frederick H. Joseph	115
9.	A View from Washington on the High-Yield Debt Market by Hon. U.S. Representative Edward J. Markey	131
10.	A View from Washington on the High-Yield Debt Market by Hon. U.S. Representative Carroll Hubbard	139
11.	New Developments in the Regulation of the High-Yield Bond Market and Junk Bond Investments by Michael A. Burnett and Frank Philippi	145
12.	A View from Washington on Leveraged Buyouts by Kenneth Lehn	154
13.	Thrift Institutions and High-Yield Bonds by James R. Barth	161
14.	The Impact of Debt on Management Incentives by Sheridan Titman	175

PART 3: CORPORATE FINANCE AND CAPITAL MARKET ISSUES		183
15.	Development of the Junk Bond Market and Its Role in Portfolio Management and Corporate Finance by Kevin J. Perry and Robert A. Taggart, Jr.	185
16.	High-Yield Debt as a Substitute for Bank Loans by Arie L. Melnik and Steven E. Plaut	206
17.	Recent Trends in Corporate Leverage: Causes and Consequences by Ben S. Bernanke and John Y. Campbell	226
18.	Junk Bonds: It's Too Soon to Tell by Seth A. Klarman and Louis Lowenstein	233
19.	What Explains the Growth of High-Yield Debt? by Jan Loeys	243

PART 4: PUBLIC POLICY ISSUES OF HIGH-YIELD DEBT		249
20.	Economic Impacts of High-Yield Securities and Public Policy Response by Glenn Yago	251
21.	Effects of LBOs on Tax Revenues of the U.S. Treasury by Michael C. Jensen, Steven Kaplan, and Laura E. Stiglin	285
22.	Discussion of Public Policy issues and High-Yield Debt by F.M. Scherer	301

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