1. This is in Contrast to the direction of the monthly correlations between the S&P 500 and high yield debt when in only two instances was the sign of the monthly return different. In the case of negative exceptional stock market months, however (5 instances), only once did the defaulted bond market increase;opposite directions,1997
2. Measuring Corporate Bond Mortality and Performance;E I Altman;Journal of Finance,1989
3. April 1990 and "The Market for Distressed Securities and Bank Loans;E I Altman;The Altman/Foothill Report on Investing in Distressed Securities: The Anatomy of Defaulted Debt and Equities,1992
4. Market Dynamics and Investment Performance of Distressed and Defaulted Debt Securities