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An Empirical Analysis of Bond Recovery Rates: Exploring a Structural View of Default

Overview A frictionless, structural view of default has the unrealistic implication that recovery rates on bonds, measured at default, should be close to 100 percent. This suggests that standard "frictions" such as default delays, corporate-valuation jumps, and bankruptcy costs may be important drivers of recovery rates. A structural view also suggests the existence of nonlinearities in the empirical relationship between recovery rates and their determinants. This paper explores these implications empirically and finds direct evidence of jumps, and also evidence of the predicted nonlinearities.

Further White Paper Details
Publisher	Federal Reserve Board	File Format	PDF
Date Published	December 2004	Downloads	3
Format	White Papers
Topics	Financial Management

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