We investigate corporate bond returns for the period 1838-1939 by using a unique new sample from the Brussels Stock Exchange. The value-weighted annualized total rate of return, net of defaults and taxes, is 4.33% in nominal terms and 2.81% in real terms. Estimates of average returns show that...

This paper shows that the characteristics of convertible bond funds (CBFs) differ considerably based on the regional asset allocation of the fund. More specifically, U.S. CBF returns correlate more strongly with equity returns, while European and Asian CBFs returns show a higher correlation with...