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This paper is an updated version of my 2002 paper to the Staple Inn Actuarial Society. The purpose of the paper is to investigate the role that high yield corporate debt may play in pension scheme investment. After describing the origins of the high yield...

The purpose of this paper is to investigate the role that high yield corporate debt may play in pension scheme investment. After describing the origins of the high yield corporate debt market, I compare the investment characteristics of high...