Ward, David J. and Gary L. Griepentrog, "Risk and Return in Defaulted Bonds", Financial Analysts Journal, Vol. 49, No. 3, (May/June 1993), pp. 61-65.
Abstract: Risk and return measures compiled from a database that includes over 750 defaulted bond issues provide a risk-return profile of defaulted bonds over the 1972-1991 period. Similar measures for investments in long-term U.S. government bonds, corporate bonds, the S&P500 and small stocks provide a basis for comparing relative risk and return characteristics.