A study that represents the first effort to tie together the differential returns required by holders of low-rated corporate bonds and the actual default experiences of these issues.
Throughout most of its U.S. history, operation of the securities market has been directed by private associations with very little government regulation or interference.
Over the past few years, the rapid growth in the level of public and private domestic debt, and growth in the level of foreign debt owed to American banks, has been a major source of concern for our legislators and financial regulators.
