haku: @author Xu, K. / yhteensä: 3
viite: 3 / 3
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| Tekijä: | Xu, K. |
| Otsikko: | Income uncertainty, substitution effect and relative yield spreads |
| Lehti: | Quarterly review of Economics and Finance
1998 : VOL. 38:2, p. 217-226 |
| Asiasana: | INCOMES UNCERTAINTY ECONOMICS |
| Kieli: | eng |
| Tiivistelmä: | The persistent downward-sloping term structure of relative yield spreads of U.S. taxable and tax-exempt bonds has been a puzzle in economics and finance. Since the late 1980s, a number of researchers have found this "anomaly" and analysed this phenomenon from various vantage points such as market segmentation, special trading behaviors, and risk-aversion. This paper suggests that the term structure may be affected by the dynamic portfolio choice of risk-averse investors who face uncertain future income and tax rates. |
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