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

The Year-End Effect in Junk Bond Prices

  1. Rick Cooper
  2. Joel M. Shulman
Returns on speculative-grade bonds exhibit significant year-end effects. The average return on these bonds declines at the end of the year and rebounds above the previous level at the beginning of the following year. The greatest rebound occurs with bonds that previously performed the poorest.
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