Institute of Advanced Investment Managementcorporate bonds
Reconstructing a Century of U.S. Corporate Bonds
Read more →: Reconstructing a Century of U.S. Corporate BondsA new 128-year database of U.S. corporate bonds (1895–2022) — over 100,000 bonds and 7 million observations — uncovers a sizable, statistically significant credit risk premium that shorter modern samples fail to detect. The findings support strategic allocations to corporate credit for long-horizon investors and establish a new benchmark for empirical asset pricing in fixed…
The Broken Bond Market
Read more →: The Broken Bond MarketValued at around $10 trillion, the U.S. corporate bond market is slow, expensive, and inefficient. This Article argues that the bond market – premised on contract – rests on a flawed regulatory design that delivers neither investor protection nor market quality.