448  15



        -. , -
 Wt^  ,   ,   - 
,      8,24, 8,69  9,03%.      $924,06
( $60/1,0824 + $60/(1,0869)2 + S1060/(1,0903)3].       -
   -  *,      .

2           -
  ,         -
   .

3 ,  ,     ,  
    .   ,  ,  
  ,      .

4        (yield-to-call} ,      -
,       12,78%.    , 
     $ 120         $ 1170 
        $ 1000. ,    ,
    ,  12%   .

3           
 .         
. . 13  : Clark Blackman II and Donald Laubacher, The Basics ofAmortizing Bond Premiums
and Discounts, AAIIJournal, 15, no. 3 (March 1993), pp. 24-27.

6         ,  -
  . Standard & Poor's          
 + , Moody's 1, 2  3       .   -
        .

7    . : Stanley Block, High-Yielding Securities: How Appropriate
AreThey?, AAII Journal, 11, no. 10 (November 1989), pp.711; Glenn E. Atkins and Ben Branch,
A Qualitative Look at High-Yield Bond Analysis, AAII Journal, 13, no. 12 (October 1991), pp. 12-15. CM.
 ,    13  14.

8 Moody's Bond Record (New York: Moody's Investors Service, April 1994), p. 3.
<) Moody's Bond Record, p. 3.

'"      : Gordon Pye Gauging the Default Premium, Financial Analysts
Journal, 30, no. 1 (January/February 1974), pp. 49-52.

'' W. Braddock Hickman, Corporate Bond Quality and Investor Experience (Princeton, NJ: Princeton University
Press, 1958).

12 Harold G. Fraine and Robert H. Mills, The Effect of Defaults and Credit Deterioration on Yields of
Corporate Bonds, Journal of Finance, 16, no. 3 (September 1961), pp. 423434.

13 Edward I.Altman, Defaults and Returns on High-Yield Bonds Through the First Half of 1991, Financial
Analysts Journal, 47, no. 6 (November/December 1991), pp. 6777.

14 .: Marshal] E. Blume and Donald B. Keim, Realized Returns and Defaults on Low-Grade Bonds: The
Cohort of 1977 and 1978, Financial Analysts Journal, 47, no. 2 (March/April 1991), pp. 63-72; Marshal]
E. Blume, Donald B. Keim, and Sandeep A. Patel, Returns and Volatility of Low-Grade Bonds, 1977-
1989, Journal of Finance, 46, no. 1 (March 1991), pp. 49-74; and Marshall E. Blume and Donald B. Keim,
The Risk and Return of Low-Grade Bonds: An Update, Financial Analysts Journal, 47, no. 5 (September/
October 1991).       . .: George H. Hempel,
The Postwar Quality of State and Local Debt (New York: Colambia University Press, 1971).

"        : Bradford Cornell and Kevin
Greene, The Investment Performance of Low-Grade Bond Funds, Journal of Finance, 46, no. 1 (March
1991), pp. 2948; Bradford Cornell, Liquidity and the Pricing of Low-Grade Bonds, Financial Analysts
Journal, 48, no. 1 (January/February 1992), pp. 63-67, 74.

"'    ,       -
         ;  -
       . .: John S. Bildersee,
Some Aspects of the Performance of Non-Convertible Preferred Stocks, Journal of Finance, 28, no. 5
(December 1973), pp. 1187-1201.