Although traditional immunization offers protection against parallel movements of theterm structure of interest rates … (TSIR) exclusively, numerous studies have shown that thisstrategy offers near perfect immunization at an empirical level … structure is not trivial for immunization. When portfolios include a bond maturingnear the end of the holding period, the …

rate shifts during the nineties, the Spanish government debt market. Our resultsshow that (i) traditional immunization is … particularmodel chosen; and (iii) three-factor immunization strategies offer the highestimmunization benchmarks. Los modelos de …

. Finally, some aspects of the duality in the demand theory, which are particularly useful from an empirical point of view, are …