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The Efficiency of Bonds: Implications for Determining the Ratings of Corporate Bonds

This study develops a new test of market efficiency of bonds using data from the Yahoo Bond Screener on 15 March 2014. The test examines three types of bonds; zero coupon US Treasury Bonds, Fitch rated AAA corporate bonds and BB corporate bonds. AAA was the most efficient types of bonds, Zeros were next and BB rated bonds were the least efficient. This provides an empirical way to rate bonds which can supplement the expert judgment of analysts. It may also be used to identify bonds which are mispriced.