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Working Papers

October 1978, No. 78-4

Measuring the Default Risk of Bonds Using Yields to Maturity

Thomas A. Lawler

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In both the theoretical and empirical literature of finance the relative riskiness of two debt instruments identical in all respects save the likelihood of default on payments of principal and/or interest has generally been measured by the difference between the yields to maturity of the two debt instruments.

Katrina Mullen (804) 697-8145