The maturity of debt issues and predictable variation in bond returns
The maturity of new debt issues predicts excess bond returns. When the share of long-term
debt issues in total debt issues is high, future excess bond returns are low. This predictive
power comes in two parts. First, inflation, the real short-term rate, and the term spread predict
excess bond returns. Second, these same variables explain the long-term share, and
together account for much of its own ability to predict excess bond returns. The results are
consistent with survey evidence that firms use debt market conditions in an effort to …
debt issues in total debt issues is high, future excess bond returns are low. This predictive
power comes in two parts. First, inflation, the real short-term rate, and the term spread predict
excess bond returns. Second, these same variables explain the long-term share, and
together account for much of its own ability to predict excess bond returns. The results are
consistent with survey evidence that firms use debt market conditions in an effort to …
The Maturity of Debt Issues and Predictable Variation in Bond Returns
The maturity of new debt issues predicts excess bond returns. When the share of long-term
debt issues in total debt issues is high, future excess bond returns are low. This predictive
power comes in two parts. First, inflation, the real short-term rate, and the term spread predict
excess bond returns. Second, these same variables explain the long-term share, and
together account for much of its own ability to predict excess bond returns. The results are
consistent with survey evidence that firms use debt market conditions in an effort to …
debt issues in total debt issues is high, future excess bond returns are low. This predictive
power comes in two parts. First, inflation, the real short-term rate, and the term spread predict
excess bond returns. Second, these same variables explain the long-term share, and
together account for much of its own ability to predict excess bond returns. The results are
consistent with survey evidence that firms use debt market conditions in an effort to …
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