Corporate Bond Default Risk: A 150-Year Perspective

Kay Giesecke, Francis A. Longstaff, Stephen Schaefer, Ilya Strebulaev

NBER Working Paper No. 15848
Issued in March 2010

---- Acknowledgements -----

We are grateful for valuable comments and suggestions received from Navneet Arora, Vineer Bhansali, Richard Cantor, Josh Davis, Marvin Lieberman, Hanno Lustig, Scott Richardson, and Derek Schaeffer, and seminar participants at Blackrock, Brunel University, Copenhagen Business School, Exeter University, the Georgia Institute of Technology, New York University, PIMCO, The University of Alaska at Fairbanks, UCLA, and the Vienna School of Business and Finance. We are particularly grateful for extensive research assistance provided by Priyank Gandhi, Xiaolong Cheng, Scott Cowin, Matthias Fleckenstein, Baeho Kim, Brent Longstaff, and Scott Longstaff. Strebulaev is grateful to the London Business School's Center for Corporate Governance (under ESRC contract number R060230004). All errors are our responsibility. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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