## A Note on the Term Structure of Bond Prices |

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a j period claim arbitrage opportunities asset valuation models basic valuation structure bonds are perfect conditions of certainty distribution of future EC l+r economic content empiricists expectations hypothesis expected holding period expected rates expected return model expected utility maxim expected value forward prices forward rate future rates future short term holding period return holding period yield interest rates invest investor projections known future l+E(H l+r t+l liquidity premium hypothesis long term bonds maturity meaning of expectation model of equation modify the basic numeraire perfect substitutes period bond probability distribution probability mean rate of interest rate of return relationship short term bonds short term rates spot rates statistical expectation STRUCTURE OF BOND structure of equation structure of interest Syracuse University t+j-l t+l l+E(rt+ t+l l+r t+l t+l term bonds require term structure treatment of uncertainty uncertainty concerning future uncertainty in valuation vt t+l vt+j-l yield method yield methodology