Expectations of risky bond payments are unobservable and recovery rates for sovereigns are hard to estimate because …

*t substantially increases the accuracy of long-range interest rate forecasts, helps predict excess bond returns, improves estimates of …

curve. Most importantly, variation in yield skewness has substantial forecasting power for future bond excess returns, high …

curve. Most importantly, variation in yield skewness has substantial forecasting power for future bond excess returns, high …

their investments between a preferred stock equivalent to a perpetual bond and multiple bonds of selected maturities. Among … those, a zero-coupon bond provides a constant rate of return, while the prices of the coupon-paying bonds are determined at …