This paper consolidates and interprets the literature on the term structure, as it stands today. Definitions of rates of return, forward rates and holding returns for all time intervals are treated here in a uniform manner and their interrelations, exact or approximate, delineated. The concept...

This paper consolidates and interprets the literature on the term structure, as it stands today. Definitions of rates of return, forward rates and holding returns for all time intervals are treated here in a uniform manner and their interrelations, exact or approximate, delineated. The concept...

The term structure of interest rates at any time is the function relating interest rate to term. The study of the term structure inquires what market forces are responsible for the varying shapes of the term structure. In its purest form, this study considers only bonds for which default risk...