The relationship between time to maturity and yield on securities is of widespread interest to financial market participants and observers. The relationship, known as the term structure of interest rates, provides information about which maturities offer the highest expected returns to investors...

The Treasury bill rate is generally viewed as the representative money market rate. For this reason bill rates are almost always used in studies of the determinants of short-term interest rate levels and spreads, and bill rates are typically used as the index rate for variable-rate financial...

While share buybacks in the classical perfect markets context are well understood, tax rules often distort the wealth transfer in non-obvious ways. Unique Australian tax rules for off-market share buybacks allow buyback participants to receive tax credits and reduced capital gains tax. These...

In both the theoretical and empirical literature of finance the relative riskiness of two debt instruments identical in all respects save the likelihood of default on payments of principal and/or interest has generally been measured by the difference between the yields to maturity of the two...