DISCUSSION.

The article presents commentary and criticism on the report "Term Structures of Corporate Bond Yields as a Function of Risk of Default," by Ramon E. Johnson, included within the issue. A review of Johnson's analysis of corporate yield-maturity curves is provided and general criticism is offered concerning popular economic use of imperfect data in research which leads to imprecise modeling and indefinite conclusions. Particular manifestations of this in Johnson's constructions are mentioned and the validity of his conclusions are declared suspect.