High yield bonds

Definition
High Yield Bond

Funds

 * Vanguard High-Yield Corporate Fund
 * iShares iBoxx $ High Yield Corporate Bd (HYG)
 * SPDR Lehman High Yield Bond (JNK)

Papers

 * Credit Risk: How Much? When? by William Bernstein
 * Is Default Event Risk Priced in Corporate Bonds? by Joost Driessen of the University of Amsterdam (March 2002)
 * The Investment Performance and Market Size of Defaulted Bonds and Bank Loans: 2006 Review and 2007 Outlook by Altman, Edward I. and Swanson, Jeffrey
 * Determinants of Recovery Rates on Defaulted Bonds and Loans for North American Corporate Issuers: 1983-2003 by Cantor, Richard Martin and Varma, Praveen, Journal of Fixed Income, December 2004