Recent calibration studies suggest that a sizable component of corporate bond spreads cannot be explained by credit risk (Jones, Mason and Rosenfeld, 1984; Elton, Gruber, Agrawal and Mann, 2001; Eom, Helwege and Huang, 2004), especially for high-rung investment-grade bonds at the short maturity (Huang and Huang, 2003). While existing empirical studies link this nondefault component of bond spreads to bond liquidity (Longstaff, Mithal and Neis, 2005; Ericsson, Reneby and Wang, 2006; Nashikkar and Subrahmanyam, 2006), most of the evidence suggests that only speculative-grade bonds have a significant exposure to the liquidity risk factors (see Chen et al. (2005), Chacko (2005), de Jong and Driessen (2004), and Downing, Underwood and Xing (2005), among others).
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Congratulations! Your selection of a 2007 Acura MDX was a wise investment. It will give you years of driving pleasure. One of the best ways to enhance the enjoyment of your new vehicle is to read this manual. In it, you will learn how to operate its driving controls and convenience items. Afterwards, keep this owner’s manual in your vehicle so you can refer to it at any time.
Several warranties protect your new vehicle. Read the warranty booklet thoroughly so you understand the coverages and are aware of your rights and responsibilities.
