「Towards a History of the Junk Bond Market, 1910-1955」というNBER論文が上がっている（ungated版）。著者はPeter F. Basile（ラトガーズ大）、Sung Won Kang（韓国経済研究院）、John Landon-Lane（ラトガーズ大）、Hugh Rockoff（同）。
We present a new monthly index of the yield on junk (high yield) bonds from 1910-1955. We then use the index to reexamine some of the main debates about the financial history of the interwar years. A close look at junk bond yields: (1) strengthens the view that the decline in lending standards in the late 1920s was modest at best: (2) casts doubt on the view that the banking crisis that began in 1930 disrupted financial markets because banks liquidated their holdings of risky bonds; (3) strengthens the view that the cost of capital rose substantially in the early 1930s and remained high for the rest of the decade; (4) casts doubt on the view that financial markets entered a liquidity trap in the second half of the 1930s; and (5) strengthens the case for believing that junk bond yields contain some information useful for making economic forecasts.
（拙訳）
我々は1910-1955年のジャンクボンド（ハイイールド債）の利回りの月次指数を新たに提示する。我々はこの指数を用い、戦間期の金融史に関する幾つかの主要な論争を再検証する。ジャンクボンドの利回りを詳しく調べてみると：
