Patel, Jayen B; Evans, Dorla A; Burnett, John E - In: Journal of Financial Research 21 (1998) 4, pp. 407-18
Using the Merrill-Lynch daily junk bond index, we reexamine and extend previous junk bond return results. We include (1) the effect of business cycles on junk and investment-grade bonds, (2) the sensitivity of junk bond returns to economic activity and/or interest rates, and (3) sample periods...