1963). 3. It should be noted that the concept of risk premium and the approach to its measurement presented in this paper differ from that adopted by some other writers. For example, Lawrence Fisher has defined the r s premium on a bond as the difference between its market yield to maturity ik and the yield on a riskless bond having the same maturity date. Lawrence Fisher, âDeterminants of Risk Premiums on Corporate Bonds,â Journal of Political Economy, June, 1959, pp. 217-237. The Journal of Finance tributions are utilized in Section I11 and the annual yields are utilized in Section IV. I n Section I11 our evidence about the shape of risk-premium curves for long-term securities is presented for the entire seventeen-year period and for eight-year and five-year subperiods. This evidence is compared with the normative shape of risk-premium curves as developed by Sharpe! Sharpe also tested his normative theory of the shape of risk-premium curves against evidence based upon mutual fund portfolios. The clear and important difference in Sharpeâs empirical results and those present here are discussed. There is a paucity of theory and evidence about the shape of broad-spectrum risk-premium curves; several reasons for this condition
The Journal of Finance – Wiley
Published: Jun 1, 1969
It’s your single place to instantly
discover and read the research
that matters to you.
Enjoy affordable access to
over 18 million articles from more than
15,000 peer-reviewed journals.
All for just $49/month
Query the DeepDyve database, plus search all of PubMed and Google Scholar seamlessly
Save any article or search result from DeepDyve, PubMed, and Google Scholar... all in one place.
Get unlimited, online access to over 18 million full-text articles from more than 15,000 scientific journals.
Read from thousands of the leading scholarly journals from SpringerNature, Elsevier, Wiley-Blackwell, Oxford University Press and more.
All the latest content is available, no embargo periods.
“Hi guys, I cannot tell you how much I love this resource. Incredible. I really believe you've hit the nail on the head with this site in regards to solving the research-purchase issue.”Daniel C.
“Whoa! It’s like Spotify but for academic articles.”@Phil_Robichaud
“I must say, @deepdyve is a fabulous solution to the independent researcher's problem of #access to #information.”@deepthiw
“My last article couldn't be possible without the platform @deepdyve that makes journal papers cheaper.”@JoseServera