Frontaler Blick auf das D4 Gebäude.

Brown Bag Seminar - Benjamin Karner, JKU Linz

03. Juni 2025

Wir freuen uns, für 11. Juni 2025, ein Brown Bag Seminar ankündigen zu können.

Als Vortragenden dürfen wir Benjamin Karner (JKU Linz) begrüßen.

Er wird sein Paper “The Bond Agio Premium in High-Yield Markets” vorstellen.

Abstract: This paper investigates the presence of a bond agio premium in high-yield bond markets. Higher-priced bonds carry a greater potential loss in case of default compared to lower-priced bonds for which investors should be compensated. Leveraging constituent-level, high-yield bond index data from both developed and emerging markets spanning January 2013 to June 2024, we empirically test for the existence of this premium. Using CDS data and their implied probabilities of default, we compute theoretical bond agio premia, which we compare to our empirical findings to assess if investors adequately account for this additional risk. Taking our empirical measure for the bond agio premium as a given, we are able to calculate market implied recovery rates. Our findings provide robust evidence supporting the existence of a bond agio premium, offering new insights into risk compensation mechanisms within high-yield bond markets.


Das Brown Bag Seminar findet am 11. Juni 2025 von 12:00-13:00 Uhr im Raum TC.4.27 statt.

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