@article {Johnson37, author = {Stephen M. Johnson and Laurence B. Siegel}, title = {Credit Market Volatility and Change}, volume = {12}, number = {1}, pages = {37--46}, year = {2003}, doi = {10.3905/joi.2003.319532}, publisher = {Institutional Investor Journals Umbrella}, abstract = {In recent years, corporate bond quality has deteriorated at the same time that the weight of these bonds in many fixed-income benchmarks has grown. As a result, these benchmarks have become riskier. One approach that investors can take to moderate this risk, and to increase liquidity, is to move toward better-diversified benchmarks, such as (for intermediate-term bond portfolios) the Lehman Intermediate Aggregate instead of the more traditional Government/Credit. Investors who need to trade quickly, such as tactical asset allocators, may need even more liquidity and would benefit from a Government-only benchmark. Active managers could then add value by making off-benchmark bets, but would not be required by the composition of the benchmark to hold illiquid or risky issues.}, issn = {1068-0896}, URL = {https://joi.pm-research.com/content/12/1/37}, eprint = {https://joi.pm-research.com/content/12/1/37.full.pdf}, journal = {The Journal of Investing} }