We use data from Nasdaq's FIPS system for reporting transactions in selected high-yield corporate bonds to investigate the relationship between the returns on a firm's stock and the returns on its publicly traded, high-yield debt. Regression models and analysis of the behavior of the returns...

We use data from Nasdaq’s FIPS system for reporting transactions in selected high-yield corporate bonds to investigate the relationship between the returns on a firm’s stock and the returns on its publicly traded, high-yield debt. Regression models and analysis of the behavior of the returns...