volume 32, issue 2, P147-176 2003
DOI: 10.1111/1468-0300.00109
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Abstract: Abstract •The defaulted and distressed, public and private debt markets in the United States increased enormously to a record $942 billion (face value) at the end of 2002. The market value of this increasingly attractive alternative investment segment was approximately $512 billion.• Defaulted securities performed below average in 2002; absolute returns, as measured by our various defaulted debt indexes, were -6.0% on bonds, +3.0% on bank loans, and -0.5% on the combined defaulted public bonds and private ban…

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