TAX-INDUCED BIAS IN FORWARD RATES, TERM PREMIUMS, AND THE TERM STRUCTURE OF INTEREST-RATES

被引：0
|
作者：
KIM, S [1 ]
机构：
[1] N DAKOTA STATE UNIV,FARGO,ND 58105
来源：
ECONOMICS LETTERS | 1990年 / 34卷 / 02期
关键词：
D O I：
10.1016/0165-1765(90)90241-R
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This paper's analysis on the tax-induced bias in forward rates enables us to better understand the structure of term premiums and the term structure of interest rates and to obtain a better estimate of the future interest rate. In particular, the anomaly of negative term premiums regarding long maturities as reported by Fama (1984) is resolved. © 1990.
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页码：183 / 189
页数：7
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