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.
Read the Complete Article in Financial Analysts Journal Financial Analysts Journal CFA Institute Member Content
Publisher Information
Association for Investment Management and Research 11 pages doi.org/10.2469/faj.v50.n5.43 ISSN/ISBN: 0015-198X

We're using cookies, but you can turn them off in Privacy Settings. Otherwise, you are agreeing to our use of cookies. Learn more in our Privacy Policy.