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Events

Home Events
“Reaching for Yield and Overpricing in Bonds” by Dr. Jaewon Choi
20Mar
SEF Seminar Calendar, Seminar

“Reaching for Yield and Overpricing in Bonds” by Dr. Jaewon Choi

20 Mar 2019 | 11:00 - 12:30
1121, K. K. Leung Building
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Speaker:
Dr. Jaewon CHOI
Associate Professor
Gies College of Business
University of Illinois at Urbana-Champaign

 

Abstract:

Reaching for yield, which we define as investor preference for bonds with higher yields at a given rating or for bonds with higher ratings given yields, forecasts lower returns in the cross section than are predicted by yields. Controlling for ratings (yields), alphas are lower for higher yield (rated) bonds. Future returns on bonds associated with reaching for yield are particularly low when interest rates are low, when demand for such bonds among leverage-constrained investors (insurance companies, pension funds, and mutual funds) is strong, and when funding costs to less constrained investors (dealer banks and hedge funds) are high. These bonds also default more often than bonds with similar yields.

 

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214th Congregation (Summer Congregation 2025)
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214th Congregation (Summer Congregation 2025)
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Semiparametric Identification of the Discount Factor and Payoff Function in Dynamic Discrete Choice Models
Semiparametric Identification of the Discount Factor and Payoff Function in Dynamic Discrete Choice Models
Semiparametric Identification of the Discount Factor and Payoff Function in Dynamic Discrete Choice Models
Semiparametric Identification of the Discount Factor and Payoff Function in Dynamic Discrete Choice Models
Semiparametric Identification of the Discount Factor and Payoff Function in Dynamic Discrete Choice Models
18Jun
Economics | Seminar
Semiparametric Identification of the Discount Factor and Payoff Function in Dynamic Discrete Choice Models
18 June 2025 | 2:15 PM - 3:30 PM
KK 910 K. K. Leung Building, HKU
Prof. Katsumi Shimotsu
About Speaker
Dr. Jaewon CHOI

Associate Professor Gies College of Business University of Illinois at Urbana-Champaign

“Reaching for Yield and Overpricing in Bonds” by Dr. Jaewon Choi
20 Mar 201911:00 - 12:30
1121, K. K. Leung Building
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