Why were returns on junk bonds less volatile than those on, Accounting Basics

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Why were returns on junk bonds less volatile than those on

Why were returns on Junk bonds less volatile than those on investment grade bonds over 1982-1984?

Why weren't excess credit spreads on lower-grade bonds arbitraged away as the high yeld market developed?

How liquid was secondary market for high-yield securities?

Why does Kluge want to issue debt?

Who are likely buyers of the various instruments?

What is the basis for underwriting debt that even the prospectus suggests is highly speculative?

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Accounting Basics: Why were returns on junk bonds less volatile than those on

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