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.