This article provides a stochastic valuation framework for bond and stock returns that builds on three different … pricing. Our model provides a more general application of the affine framework in that both bonds and equities are priced in a …

During the decade 1983-1992, approximately 1.4 trillion dollars of municipal bonds were sold in 87 thousand separate …

implications of this finding for asset prices. The uncovered dynamics of consumption implies modestly upward sloping real bond and … equity curves, upward sloping nominal yield curve, and sign-switching correlation between equities and bonds consistent with …

The very low real interest rates on bonds in the 1970's were accompanied by a large drop in the value of common stocks … equity values and in real interest rates on bonds. As long as marginal utility is a convex function of consumption, an … increase in risk depresses the return on riskless bonds. When all of the wealth of the economy is traded in the stock market …

The purpose of this paper is to compare the pricing of bank loans and bonds in international markets. The results … markets. Data on LDC bond yields in the secondary market for 1980-85 are also used to analyze the way in which this market …

This paper tests several competing models of municipal bond market equilibrium. It analyzes the influence of changes in … inconsistent with the view that the relative yields on taxable and tax-exempt bonds are set by banks and insurance companies which …

commercial bonds indicate that market participants base their evaluations of a bond issue's default risk on agency ratings or on …

the bond and repurchase in order to deduct from ordinary income the amortized premium. Because of the interaction of these … the bond and repurchase, so that future capital losses may be realized short term; and raising the basis through sale of … substantially from the buy-and-hold policy irrespective of whether the bondholder is a bank, a bond dealer, or an individual. We …

in bonds to a single portfolio of money-fixed debt instruments will suffer a serious welfare loss. Our interest in this … to two types, a common stock fund and a money-fixed bond fund of a particular maturity. A second goal is to study the … desirability and feasibility of introducing a market for index bonds (i.e. an asset offering a riskless real rate of return) in the …

I believe that every tax-paying firm's defined benefit pension fund portfolio should be invested entirely in bonds (or … will mean changes in the firm's pension contributions. Shifting from stocks to bonds in the pension funds will increase the … firm's debt capacity, because it will reduce the volatility of the firm's future cash flows. Shifting from stocks to bonds …