I document the shift of high-yield issuance from the public to the Rule 144A private
placement market and exploit data on credit spreads to investigate whether investors regard …

We examine the relative impact of Moody's and S&P ratings on bond yields and find that at
issuance, yields on split rated bonds with superior Moody's ratings are about 8 basis points …

Securities issued under Rule 144A do not have to file a public registration statement with the
Securities and Exchange Commission, but can be sold only to qualified financial institutions …

Non-investment-grade debt offerings have a reputation as “story bonds” for which objective
valuation criteria are difficult to establish. Nevertheless, 56 percent of the variance in risk …

We examine the marginal impact of Fitch ratings on the at‐issuance yields of industrial and
utility bonds rated by Moody's and Standard & Poor's. We find that Fitch ratings reduce the …

This article examines the ability of bond investors to detect and adjust for potentially biased
credit ratings. It finds evidence that investors require higher yield spreads on bonds with …

This paper provides new evidence regarding the information content of debt ratings. We
show that noninvestment grade subordinated issues are consistently priced too high (the …

We examine the determinants of the new issue maturity of corporate bonds. As credit rating
decreases, new bond issues have longer maturities, but substantial variation in maturity …

Since financial myths exploded in the 1980s, the perspective of time creates a unique
opportunity to update and expand the analysis begun in Glenn Yago's 1991 book, Junk …

High-yield bond investors who adopt an environmental, social, and governance (ESG)
discipline must consider the potential impact on returns. Recently introduced high-yield …