We then examine the potential link between the real risk premium and macro variables. We find that macro factors associated with real estate and consumer income and expenditure can capture a large portion of forecastable variations in excess returns on real bonds. Finally, we propose a long-run...
百度试题 题目Over the term of a bond, the amortization of the premium on bonds payable: 相关知识点: 试题来源: 解析 decreases interest expense.反馈 收藏
Shiller has shown that the variance of the holding-period yield on long-term bonds may frequently exceed a bound implied by the rational expectations model of the term structure. This paper extends Shiller's variance inequality to allow for the possible presence of time-varying term premiums. The...
In view of this,we give a new theory interpretation of term premium that the equilibrium level of term premium only depending on the degree of the market expectation uncertainty. 展开 关键词: Term Premium Excess Return the Degree of Uncertainty ...
As defined, term premium is the excess yield that investor require to commit to hold a long-term bond instead of a series of shorter-term bonds. In addition, the key component of the term premium is investor expectations about the future course of short-term interest rates over the life...
10.When bonds are purchased with the expectation of holding them indefinitely, the discount or premium should be amortized over the remaining life of the bonds.当购入的债券准备无限期持有,折价和溢价应在债券的持有期内摊销。 11.A Study on Liquidity Premium of Treasury Bonds in Shanghai Stock Excha...
Fundamentally, the term premium in long-term nominal yields is compensation to investors for bearing interest rate risk. There is substantial evidence of sizable and time-varying term premia. As opposed to yields, term premia are not directly observable. In this paper, we estimate term premia in...
When bonds are less profitable than other investments, bondholders must accept a discount if they want to sell their bonds. When bond yields are higher than prevailing interest rates, bondholders can sell their bonds at a premium because they are more profitable than other investments in the ...
GreenwoodandStein,2014).Asaconsequence,anincreaseinthesupplyoflonger-termdebtcanreducebondspricesthroughanincreaseinthetermpremiumcomponentofyields.7 Table1presentsselectedestimatesfromtheliteraturethatfocusonthelonger-run relationshipbetweenthesevariables.StudiessuchasEngenandHubbard(2004)andLaubach ...
Premium/Discount View full chart Returns Average Annual Cumulative Calendar Year 1y3y5y10yIncept. Total Return (%) as of Dec 31, 2024 7.092.81--2.69 Market Price (%) as of Dec 31, 2024 7.422.88--2.80 Benchmark (%) as of Dec 31, 2024 ...