The belief that excess returns can be achieved by correctly timing changes in yields and/or yield spreads motivates active bond portfolio management strategies. Given the rich literature linking yield spread patterns to both the business cycle and changes in short-term interest rates, we...

"This book is designed to provide a good understanding of the field of investments while stimulating interest in the subject. This understanding is valuable because each of us must make various investment decisions during our lifetimes--definitely as individuals, and pos- sibly in our chosen...