The Anatomy of Investing in Defaulted Bonds & Loans
By Edward I. Altman, Professor Emeritus, NYU Stern School of Business & Robert Benhenni, Professor, Pôle Universitaire Léonard de Vinci
While the main focus of academic and professional investment research in the risky corporate credit market has typically been on the performance of high-yield bonds, including, importantly, the default and recovery rates of those bonds that default, there is very little similar work on defaulted...
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Robert Benhenni is a professor at Pôle Universitaire Léonard de Vinci, Research Center, Finance Group, in Paris; Resident Scholar at the NYU Salomon Center; and has been a consultant to major investment banks and hedge funds. He has nearly 20 years’ experience at various Wall Street firms in both hedge fund/asset management and investment banking roles, performing portfolio management, quantitative analysis, and risk management. Benhenni holds a PhD in probability/ statistics from UCLA and an MBA in finance from the University of Chicago Booth School of Business. He can be reached at firstname.lastname@example.org.
Edward I. Altman is the Max L. Heine Professor Emeritus of Finance at New York University’s Stern School of Business and director of theCredit and Fixed Income Research Program at the NYU Salomon Center. He is an internationally recognized expert on corporate bankruptcy, high yield bonds, distressed debt, and credit risk analysis, and is an advisor to Paulson & Co., a consultant to FINRA, and a member of the board of the Franklin Series Funds. He was an inaugural inductee into the Turnaround, Restructuring, and Distressed Investing Industry Hall of Fame and is a member of the Fixed Income Analysts Society Hall of Fame.