Issuer Quality and the Credit Cycle
收藏NBER2011-07-01 更新2025-01-04 收录
下载链接：
https://www.nber.org/papers/w17197
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资源简介：
We show that the credit quality of corporate debt issuers deteriorates during credit booms, and that this deterioration forecasts low excess returns to corporate bondholders. The key insight is that changes in the pricing of credit risk disproportionately affect the financing costs faced by low
提供机构：
美国国家经济研究局
创建时间：
2011-07-01
