Bridge over ocean
1 September 1994 Financial Analysts Journal Volume 50, Issue 5

Fraine’s Neglected Findings: Was Hickman Wrong?

  1. Martin S. Fridson, CFA
Harold G. Fraine pioneered use of the term "high-yield bond" in 1937. He was technical director of the project that, under his successor, W. Braddock Hickman, produced a widely quoted study of the corporate bond market. Fraine's later analysis cast doubt on one of Hickman's most important findings: the superior long-term returns of noninvestment-grade bonds. Fraine's innovative techniques surpassed analysis performed as much as 40 years later. The fact that his name is not better known to high-yield investors shows that, in financial research, merit and recognition do not always go hand in hand.
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