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Corporate bond yields and returns: a survey

Stephanie Heck ()
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Stephanie Heck: Université de Liège

Financial Markets and Portfolio Management, 2022, vol. 36, issue 2, No 3, 179-201

Abstract: Abstract Corporate bonds offer higher yields than government bonds with similar maturity. This higher reward comes at the cost of higher risk. The question then arises of how this risk is priced into corporate bonds. This literature review provides a classification and summary of papers studying corporate bond prices and the premium they offer to investors over the return on risk-free securities. The review ranges from theoretical models to empirical determinants of corporate bond prices. A specific section is dedicated to the liquidity impact as this component has received special attention.

Keywords: Yield spreads; Corporate bond returns; Credit risk; Term structure; Liquidity (search for similar items in EconPapers)
JEL-codes: D47 E43 G12 (search for similar items in EconPapers)
Date: 2022
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DOI: 10.1007/s11408-021-00394-4

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